-In the Above Table, What Is the Marginal Cost to Produce

question 8

Multiple Choice

-In the above table, what is the marginal cost to produce the 5th unit of output?

• A) $80
• B) $60
• C) $55
• D) $20

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Definitions:

Median Voter Theorem

A principle in political science proposing that the outcome of a majority vote is most likely to match the preferences of the median voter, assuming voters can be placed along a single-dimensional policy space.

Impossibility

A condition or situation that cannot be achieved or is unattainable.

Median Voter

A theory in political science that suggests the outcome of a majority vote is most likely to correspond to the preferences of the median voter when voters' preferences are placed along a single-dimensional spectrum.

Majority Rule

A decision-making principle whereby the option receiving more than half of the votes wins.