Marginal Cost

question 82

Multiple Choice

Marginal cost:

• A)is calculated by change in total cost divided by change in total output.
• B)is calculated by change in total output divided by change in total cost.
• C)increases then decreases,as output increases,to reflect marginal product.
• D)None of these is true.

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Definitions:

Tax Liability

The total amount of tax owed to a taxing authority by an individual, organization, or corporation.

Taxable Income

The portion of income used to calculate how much the taxpayer owes in taxes, including wages, salaries, bonuses, and other earnings after deductions and exemptions.

Rounded

Refers to adjusting numbers to the nearest whole number in financial and mathematical calculations.

Withholding Amount

The portion of an employee's wages deducted by the employer and paid directly to the government as partial payment of income tax.