Asked by
Jasmin Estrada
on Dec 08, 2024
Verified
In the short run where total variable cost is ________ at a(n) ________ rate, marginal cost is positive and decreasing.
A) increasing; increasing
B) increasing; decreasing
C) decreasing; increasing
D) decreasing; decreasing
Total Variable Cost
The sum of expenses that vary directly with the level of production output, excluding any fixed costs.
Marginal Cost
The additional cost incurred from producing one more unit of a product or service.
Decreasing Rate
A situation where the rate of growth or progression reduces over time.
- Analyze the effects of variations in production quantity on both marginal and average expenses.
Verified Answer
JS
Learning Objectives
- Analyze the effects of variations in production quantity on both marginal and average expenses.