In the Short Run, the Marginal Cost of the First

question 29

Multiple Choice

In the short run, the marginal cost of the first unit of output is $40, the average variable cost of producing three units of output is $32, and the marginal cost of producing the second unit of output is $32. What is the marginal cost of producing the third unit of output?

• A) $24
• B) $32
• C) $40
• D) $96

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Definitions:

Learned Association

Learned association refers to the process by which an individual learns to connect two stimuli together or a behavior and its consequence, often fundamental for learning habits and behavior conditioning.

Operant Conditioning

A learning strategy that enhances or diminishes behavior through the use of positive or negative feedback.

Resulting Events

Outcomes or occurrences that follow from specific actions or conditions.

Associative Learning

The process of learning in which a connection between two stimuli or between a stimulus and a response is learned.