34. What does marginal cost tell us? a. the value of all resources used in a production process b. the additional profit earned when output is increased by one unit c. the amount by which total cost rises when output is increased by one unit d. the amount by which output rises when labour is increased by one unit
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Marginal cost is a fundamental concept in economics that refers to the change in total cost that arises when the quantity produced is incremented by one unit. It is essentially the cost of producing one more unit of a good or service. Show more…
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Marginal costs facing any firm considering a change in output represent: a. extraordinary overtime charges that must sometimes be paid to increase output. b. the cost incurred even if the firm produces zero output. c. the difference between the total cost actually incurred to produce any given output and the smallest possible total cost of producing that output. d. the increase in total cost that accrues from a 1-unit increase in quantity produced. e. the increase in total cost that accrues from any increase in quantity produced, whether 1 unit or more
Azat N.
'The marginal cost is interpreted as Select one: a. The cost of producing one additional unit: b The revenue from selling one additional unit: C. The profit fiom selling one additional unit: d. The variable cost per unit.'
The marginal product of the labor curve shows the change in the total product resulting from a: a. one-unit increase in the quantity of a particular resource used, holding constant other resources. b. change in the cost of a variable resource. c. one-unit increase in the quantity of a particular resource used, letting other resources vary. d. change in the cost of a fixed resource.
Andrew D.
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