The Table Given Below Shows the Average Total Cost of Production

question 28

Multiple Choice

The table given below shows the average total cost of production of a firm at different levels of the output. Table 7.5
In Table 7.5, the marginal cost of producing the third unit of output is:

• A)$7.
• B)$8.
• C)$5.
• D)$4.
• E)$6.

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Definitions:

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the amount loaned, which can affect economic activity by influencing spending and saving behaviors.

Debit Card

A payment card that deducts money directly from a consumer’s checking account to pay for purchases.

Checking Account

A type of bank account that allows for easy access to funds for daily transactions through checks, debit cards, or electronic means.

M1

A category of the money supply that includes all physical currency, demand deposits, traveler's checks, and other checkable deposits.