Marginal cost is the __________________; marginal revenue is the _______________.
Fill in the blank(s) with the appropriate word(s).
additional cost of producing one more unit of output; additional revenue derived from selling one more unit of output.
Economics
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Answer the following questions true (T) or false (F)
1. The marginal cost curve is U-shaped because of the law of increasing opportunity costs. 2. If average total cost is falling, marginal cost must also be falling. 3. In the short run, if average product is at its maximum, then average variable cost is at its minimum.
Economics
The impact of economic growth on a country's willingness to trade is determined solely by the extent of the shift of its production-possibility curve.
Answer the following statement true (T) or false (F)
Economics