-Refer to the Above Figure

question 379

Multiple Choice

-Refer to the above figure. Which of the following points indicates an efficient use of resources?

• A) a
• B) d
• C) e
• D) More information is needed to answer the question.

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Definitions:

Marginal Cost

Marginal cost is the change in total cost that arises when the quantity produced is incremented by one unit; it is the cost of producing one more unit of a good.

Marginal Productivity

The additional output that can be produced by adding one more unit of a specific input, holding all other inputs constant.

Diminishing

The process of lessening or decreasing in size, importance, or intensity.

Output

The quantity of goods or services produced by a business, individual, machine, or industry over a specified period.