Marginal Cost

question 30

Multiple Choice

Marginal cost

• A)cuts average variable cost and average fixed cost at their lowest point.
• B)cuts average variable cost and average total cost at their lowest point.
• C)rises and then falls.
• D)is the mirror image of marginal product.

Describe the methodology, usage, and comparison of time-series forecasting models and associative models.

Understand the ethical guidelines in psychological research, including informed consent, deception, and privacy.

Recognize the importance and methods of ensuring validity (internal and external) and reliability in research.

Identify the role and implications of deception in psychological research and how it affects ethical considerations.

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Definitions:

Marginal Utility

The additional satisfaction or utility gained by consuming an additional unit of a good or service.

Total Utility

The total satisfaction or benefit a person receives from consuming a certain quantity of goods or services.

Marginal Utility

The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.

Total Utility

The total satisfaction or benefit derived by a consumer from consuming a particular quantity of goods or services.