Marginal Cost Is the

question 213

Multiple Choice

Marginal cost is the

• A) change in average cost when an additional unit of output is produced.
• B) the additional output when total cost is increased by one dollar.
• C) additional cost of producing an additional unit of output.
• D) change in the price of inputs if a firm buys more inputs to produce an additional unit of output.

---

Definitions:

Pattern Bargaining

A labor negotiation strategy where unions use the outcome of one successful negotiation as a model or "pattern" for subsequent negotiations with other employers.

Legal Bargaining Item

Issues or matters that are legally required to be negotiated in good faith between unions and employers during collective bargaining.

Union Representation

The act of a labor union acting as the intermediary between the workforce and management to discuss employment terms, grievances, and rights.

Closed Shop Provisions

Labor agreement terms requiring that employees be members of a labor union as a condition of employment, now illegal in many places under "right to work" laws.