Asked by Victoria Overbey on Jul 26, 2024
Verified
The change in total cost resulting from a one-unit change in quantity is _____ cost.
A) average fixed
B) average variable
C) marginal
D) average total
Total Cost
The complete amount of expenses incurred by a business in producing goods or services, including both fixed and variable costs.
Quantity Change
An alteration in the amount of goods or services supplied or demanded in a market.
Average Fixed
The fixed costs of production divided by the quantity of output produced, illustrating how those costs are spread over output.
- Interpret and understand the features of cost curves, such as total, marginal, and average cost curves.
Verified Answer
AS
ARSHDEEP SINGHJul 31, 2024
Final Answer :
C
Explanation :
The change in total cost resulting from a one-unit change in quantity is known as marginal cost.
Learning Objectives
- Interpret and understand the features of cost curves, such as total, marginal, and average cost curves.