A firm's marginal cost is defined as
A) the ratio of total cost to total output.
B) the ratio of total output to total cost.
C) the additional cost of producing one more unit of output.
D) the reciprocal of total average cost.
Correct Answer:
Verified
Q25: An increase in the wage rate will
Q26: In the short run,
A)all inputs are fixed.
B)all
Q27: Technical progress will
A)shift a firm's production function
Q28: A linear total cost curve which passes
Q29: In order to minimize the cost
Q31: For any given output level,a firm's long-run
Q32: Short-run total cost is the sum of
A)short-run
Q33: A firm's marginal cost curve
A)is always U-shaped.
B)always
Q34: A firm's short-run average cost is defined
Q35: The shape of a firm's long-run average
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents