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The cost of producing an additional unit of output is the firm’s
 
a. Marginal cost
 
b. Average total cost
 
c. Variable cost
 
d. Average variable cost

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Irving Heathcote
Irving HeathcoteLv2
31 Mar 2020

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Related questions

A competitive firm’s short-run supply curve is its ________ cost curve above its ______ cost curve.

a. average total, marginal

b. average variable, marginal

c. marginal, average total

d. marginal, average variable

 

Which of the following correctly defines marginal cost?

A. Marginal cost is the addition made to fixed cost when an extra unit is produced.

B. Marginal cost is the additional cost of producing an extra unit of output.

C. Marginal cost is the additional cost of increasing the scale of production in the long run.

D. Marginal cost is the difference between price and marginal revenue for the last unit sold.

E. Marginal cost is the same as the firm’s variable cost at all levels of output.

A perfectly competitive firm’s short-run supply curve is the

a. average total cost curve.

b. demand curve above the marginal revenue curve.

c. same as the market supply curve.

d. marginal cost curve above the average variable cost curve.

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