Marginal cost is defined as the increase in total cost resulting from an increase in
a. one unit of output.
b. output of 100 units.
c. a firm's plant size.
d. one unit of labor.
A
Economics
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When GDP is measured in "current prices" it is known as the
A) real GNP. B) real GDP. C) nominal GNP. D) nominal GDP.
Economics
Suppose a person's utility for leisure (L) and consumption (Y) can be expressed as U = Y ? L and this person has no non-labor income
Assuming a wage rate of $10 per hour, show what happens to the person's labor supply when the person wins a lottery prize of $100 per day.
Economics