Marginal Cost Is

question 69

Multiple Choice

Marginal cost is:

• A) always less than average variable cost.
• B) more affected by fixed costs than by variable costs.
• C) the change in total cost that results from producing one more unit.
• D) the point where the firm's total cost will just equal total revenue.
• E) the extra profit on the last unit.

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Definitions:

Quantifier Negation

The logical operation of negating the quantifiers within a statement, which often changes the scope or meaning of the statement.

Existential Generalization

A logical inference rule stating that if an assertion is true for some member of a domain, then there exists an element in that domain for which the assertion holds.

Universal Generalization

A logical principle stating that what is true of all instances of a certain class can be said to be generally true of that class.

Existential Instantiation

A logical principle allowing for the inference of the existence of an instance of a predicate from a statement asserting the existence of some (possibly unspecified) instance.