Answer the Question on the Basis of the Following Information $\frac { \text { Change in TVC } } { Q }$

question 68

Multiple Choice

Answer the question on the basis of the following information. TFC = Total Fixed Cost Q = Quantity of Output
MC = Marginal Cost P = Product Price TVC = Total Variable Cost
Marginal cost is .

• A) \( \frac { \text { Change in TVC } } { Q }\)
• B) \( \frac { \text { Change in TVC } } { \text { Change in Q }}\)
• C) \( \frac { P-Q} { \text { Change in Q }}\)
• D) \( \frac { \text { Change in TPC } } { \text { Change in Q }}\)

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Definitions:

Marginal Utility

The additional utility or satisfaction gained from consuming one more unit of a good or service.

Specific Money Outlay

The exact amount of money expended on purchasing goods and services or on an investment.

Maximizing Utility

The process of allocating resources to obtain the highest possible satisfaction or utility.

Money Income

Refers to the total income received in the form of money, including wages, salaries, and other earnings.