The change in variable costs that results from producing one more unit of output is called
A)marginal variable cost.
B)average variable cost.
C)total variable cost.
D)marginal cost.
E)marginal product.

Question

Quizplus · Accepted Answer

The change in variable costs that results from producing one more unit of output is called marginal cost. Marginal variable cost and average variable cost are related concepts, but they do not refer specifically to the cost of producing one more unit. Total variable cost is the sum of all variable costs incurred in producing a given quantity of output. Marginal product refers to the change in output resulting from one more unit of input, not the change in costs.

The Change in Variable Costs That Results from Producing One