Asked by
Bakhtawar Ahmad
on Oct 27, 2024
Verified
A firm's marginal cost is the:
A) ratio of the change in fixed cost to the change in the quantity of output.
B) slope of the total cost curve.
C) slope of the average variable cost curve.
D) ratio of the change in total output to the change in the quantity of labor.
Total Cost Curve
A graphical representation that shows the total cost of producing different quantities of output.
Ratio
A mathematical expression that represents the quantitative relationship between two numbers, showing how many times one value contains or is contained by the other.
Output
The total amount of goods or services produced by a firm, industry, or economy in a given period.
- Evaluate and decode the nuances of cost curves, covering total cost, marginal cost, and average cost curves.
Verified Answer
CJ
Learning Objectives
- Evaluate and decode the nuances of cost curves, covering total cost, marginal cost, and average cost curves.