Marginal cost is defined as:
A) the change in total cost due to a one unit change in output.
B) total cost divided by output.
C) the change in output due to a one unit change in an input.
D) total product divided by the quantity of input.
A
Economics
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In comparison to firms in other market structures, monopolists:
A) maximize social surplus. B) encourage the entry and exit of new firms. C) set price lower than marginal revenue. D) produce goods that do not have close substitutes.
Economics
If aggregate demand falls short of current output, business firms will ________ production to ________ inventories
A) cut; keep from accumulating B) expand; keep from accumulating C) cut; build up D) expand; build up
Economics