Marginal factor cost is computed as
A) total cost of the resource/total amount of the resource being used.
B) change in the total cost of the resource/total amount of the resource being used.
C) total cost of the resource/change in the amount of the resource being used.
D) change in the total cost of the resource/change in the amount of the resource being used.
Answer: D
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The term "classical" refers to an economic theory which states that over a relatively short period of time, wages and prices will adjust quickly to bring the economy back to full employment
Indicate whether the statement is true or false
The dollar of the United States became the postwar world's key currency because of all EXCEPT
A) the early convertibility of the U.S. dollar in 1945. B) the special position of the dollar under the Bretton Woods system. C) the strength of the American economy relative to the devastated economies of Europe and Japan. D) central banks naturally found it advantageous to hold their international reserves in the form of interest-bearing dollar assets. E) the ease of transporting U.S. dollars compared with other currencies.