Carol Is Employed by a High-Tech Firm in British Columbia

question 152

Multiple Choice

Carol is employed by a high-tech firm in British Columbia doing data analysis and computer projections.Approximately what percentage of Canadians are represented in the part of the workforce to which Carol belongs?

• A)25 percent
• B)50 percent
• C)75 percent
• D)90 percent

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Definitions:

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service, an important concept in economics for decision making.

Variable Input

An input in the production process that can be adjusted in the short term to change the level of output.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good varies as production volume changes.