Marginal cost can be defined as the change in
A. average total cost resulting from the production of an additional unit of output.
B. total cost resulting from the production of an additional unit of output.
C. average variable cost resulting from the production of an additional unit of output.
D. total fixed cost resulting from the production of an additional unit of output.
Answer: B
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The above figure shows a payoff matrix for two firms, A and B, that must choose between selling basic computers or advanced computers. Firm B's dominant strategy
A) is to make basic computers. B) is to make advanced computers. C) is to adopt firm A's strategy. D) does not exist in this game.
Economists use a preference map to illustrate that
A) more is better than less. B) preferences are transitive. C) preferences are complete. D) All of the above.