Production & costs
4 practice questionsEconomicsStep-by-step solutions
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1
Marginal cost is best defined as the:
A.Total cost divided by output
B.Added cost of producing one more unit
C.Cost of fixed inputs
D.Average of all costs
2
Opportunity cost is best defined as:
A.The monetary price of a good
B.The value of the next best alternative forgone
C.Total revenue
D.A government tax
3
In the long run, all factors of production are:
A.Fixed
B.Variable
C.Equal to zero
D.Owned by the government
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