24) Marginal cost is defined as:

A) the change in total cost due to a one unit change in output.

B) total cost divided by output.

C) the change in output due to a one unit change in an input.

D) total product divided by the quantity of input.

Answer:

25) For a particular production function, over the range of output where marginal product rises as units of the variable input are added to the fixed input, marginal cost will be:

A) increasing.

B) constant.

C) decreasing.

D) cannot be determined without additional information.

Answer: