Total Cost Is

question 50

Multiple Choice

Total cost is

• A)fixed cost plus variable cost
• B)irrelevant to decision making
• C)marginal cost plus fixed cost
• D)total product minus total input
• E)the additional cost associated with producing an additional unit

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Definitions:

Competitive

A market structure characterized by a large number of firms or sellers where each has a small proportion of market share and there is free entry and exit from the market.

Output

The total quantity of goods or services produced by an individual, system, or entity within a specific period, often used as a measure of productivity or economic activity.

Oligopolistic Industry

A market structure characterized by few firms where each has significant control over pricing and competition.

Elastic Firm Demand

Describes a situation where the demand for a firm's products is highly sensitive to changes in price, indicating consumers are likely to change their purchasing behavior if the price changes.