Marginal Cost

question 440

Multiple Choice

Marginal cost

• A)equals both average variable cost and average total cost at their respective minimums.
• B)is the difference between total cost and total variable cost.
• C)rises for a time but then begins to decline when diminishing returns set in.
• D)declines continuously as output increases.

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Definitions:

Sociologists

Scientists who study human societies, covering a broad range of topics from social behavior, culture, to institutions and their development.

Sample

Any subset of units from a population that a researcher studies.

Population

A relatively large collection of people (or other unit) that a researcher studies and about which generalizations are made.

Proportions

A mathematical or statistical relationship between quantities or amounts.