The Change in a Firm's Total Cost from Producing One

question 264

Multiple Choice

The change in a firm's total cost from producing one more unit of a good or service is the firm's

• A)explicit cost of production.
• B)marginal cost of production.
• C)average cost of production.
• D)implicit cost of production.

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Definitions:

Total Union Membership

The sum of all individuals who are members of labor unions, representing workers in negotiations with employers regarding wages, working conditions, and other employment-related matters.

Economy

The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.

Collective Bargaining

The negotiation of labor contracts between labor unions and firms or government entities.

Union Workers

Employees who are members of a labor union, which represents their interests in negotiations with employers.