Answer the Question on the Basis of the Following Cost

question 155

Multiple Choice

Answer the question on the basis of the following cost data: $$\begin{array} { c c c } &&\text { Total } \\\text { Output }&&\text { Cost }\\\hline0 & & \$ 24 \\1 & & 33 \\2 & & 41 \\3 & & 48 \\4 & & 54 \\5 & & 61 \\6 & & 69\end{array}$$ Refer to the data.The marginal cost of producing the sixth unit of output is:

• A) $24.
• B) $12.
• C) $16.
• D) $8.

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Definitions:

Actual Inflation

The actual rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Unemployment Rate

The percentage of the labor force that is unemployed and actively seeking employment.

Short-run Phillips Curve

A visual diagram illustrating the short-term inverse correlation between inflation rates and unemployment rates.

Policymakers

Individuals or groups responsible for making and implementing policies, especially in government and legislative contexts.