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Question

The addition to total cost by producing an additional unit of output by a firm is called _______.


A
variable cost
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B
average cost
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C
marginal cost
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D
opportunity cost
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Solution

The correct option is C marginal cost
The addition to total cost by producing an additional unit of output by a firm is called marginal cost. Average cost is the total cost of producing a given output divided by that output.

Economics

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