What is the cost of producing an additional unit of output?
a. the firm's marginal cost
b. the firm's variable cost
c. the firm's productivity offset
d. the firm's average variable cost
Ans: a. the firm's marginal cost
Economics
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According to the above table, as the level of real disposable income increases
A) the APS increases. B) the APC increases. C) the marginal propensity to save declines. D) the marginal propensity to consume increases.
Economics
Compared to a competitive market, a firm that has a monopsony in a labor market would
A) hire fewer workers and pay higher wages. B) hire more workers and pay higher wages. C) hire more workers and pay lower wages. D) hire fewer workers and pay lower wages.
Economics