What Is Marginal Cost

question 237

Multiple Choice

What is marginal cost?

• A)Change in average cost when an additional unit of output is produced.
• B)Additional output when total cost is increased by one dollar.
• C)Additional cost of producing an additional unit of output.
• D)Change in the price of inputs if a firm buys more inputs to produce an additional unit of output.

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Definitions:

Globalization

Globalization describes the process by which businesses or other organizations develop international influence or start operating on an international scale.

Exploited

Exploited describes a situation where individuals or groups are taken advantage of unfairly for others' benefit, often under conditions that undermine their rights or dignity.

Modern Economies

Economic systems that are characterized by complex financial markets, significant levels of investment in technology, and interconnected global trade relationships.

Specialized Skills

Abilities or expertise in specific fields that individuals acquire through education, training, or practical experience.