The marginal cost of a good is:
a. the difference between average total cost and average variable cost
b. the addition to total cost from producing one more unit of output.
c. decreasing whenever average total cost is decreasing.
d. always equal to average variable cost when the firm is maximizing profit.
b
Economics
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Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing output?
A) Q1 units B) Q2 units C) Q3 units D) Q4 units
Economics
Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals. B) the law of demand does not hold in controlled experiments. C) transitivity of preferences does not always hold, especially for young people. D) reflexivity of preferences is not true.
Economics