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Economics
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Marginal cost is defined as:

A. the change in total costs from producing one more unit of output.

B. the change in fixed cost from producing one more unit of output.

C. total cost divided by total output.

D. total variable cost divided by total output.

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Divya Singh
Divya SinghLv10
15 Oct 2020
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Related questions

1. Fixed costs of production in the short run:

A. Cannot be reduced by producing less output

B. Are a function of the level of variable costs

C. Are low in proportion to variable costs in the short run

D. Increase as the firm produces more output

 

2. Marginal cost can be defined as the:

A. Change in total fixed cost resulting from one more unit of production

B. Change in total cost resulting from one more unit of production

C. Change in average total cost resulting from one more unit of production

D. Change in average variable cost resulting from one more unit of production

 

3. Which of the following is true under conditions of pure competition?

A. There are differentiated products

B. The market demand curve is perfectly elastic

C. No single firm can influence the market price by changing its output

D. Each individual firm has the ability to set its own price

The marginal product of labor can be defined as the change in
 
a) output divided by the change in labor.
b) labor divided by the change in total cost.
c) labor divided by the change in output.
d) profit divided by the change in labor.
1.If a firm is producing where MR > MC
Answer


A. the revenue gained by producing one more unit of output exceedsthe cost incurred by doing so.


B. the revenue gained by producing one more unit of output equalsthe cost incurred by doing so.


C. the revenue gained by producing one more unit of output is lessthan the cost incurred by doing so.


D. The firm is already maximizing profits because revenue is beingincreased by more than costs.

2.The added revenue that a firm earns from selling an additionalunit of output is
Answer


A. total revenue


B. marginal revenue

C. variable revenue

D. fixed revenue

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