Marginal Cost

question 156

Multiple Choice

Marginal cost

• A) Is the change in total output from hiring one more factor of production.
• B) Is the change in total cost from producing one additional unit of output.
• C) Falls when there are diminishing returns.
• D) Is the change in the total cost when hiring one more factor of production.

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Definitions:

Absolute Rules

Laws or principles that are seen as universally true and not subject to change or exception.

Intuitive Understanding

An immediate grasp or recognition of patterns and principles without reliance on conscious reasoning.

General Will

A concept in political philosophy, particularly within Rousseau's work, referring to the collective will of the citizens of a state that aims at the common good.

Sincerely Motivated

Describes actions or behaviors driven by genuine intentions or beliefs, absent of deceit or falsity.