QUESTION 9 Marginal cost: A) Is the change in total output from hiring one more factor of production. B) Is the change in total cost from producing one additional unit of output. C) Falls when there are diminishing returns. D) Is the change in the total cost when hiring one more factor of production. 1 points QUESTION 10 At any given rate of output, the difference between total cost and fixed cost is: A) Marginal cost. B) Average variable cost. C) Zero in the short run. D) Variable cost. 1 points QUESTION 11 Which of the following is equivalent to ATC? A) FC + VC. B) AFC + AVC. C) The change in output divided by the change in total cost. D) Total cost multiplied by the quantity produced. 1 points QUESTION 12 Which of the following represents the change in total revenue that results from a 1-unit increase in the quantity sold? A) Marginal cost. B) Total revenue. C) Marginal profit. D) Marginal revenue.
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