If a Firm Increases Its Output by One Unit, the Amount

question 74

Multiple Choice

If a firm increases its output by one unit, the amount by which its costs increase by is called:

• A) marginal cost
• B) average cost
• C) marginal product
• D) variable cost

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Definitions:

Inedible Fish

Fish species that are not suitable for human consumption due to toxicity, conservation status, or poor taste.

Pollution

The contamination of the natural environment by harmful substances or energies, leading to adverse effects on living organisms and ecosystems.

Employment

The condition of working for pay, involving a formal agreement between an employer and an employee.

Major Field

The primary area of study chosen by a student in college or university, which determines the focus of their academic coursework and degrees.