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Which of the following is true of marginal cost?
a.Marginal cost is the cost per unit of output produced.
b.Marginal cost is the change in total cost divided by the change in total output.
c.Marginal cost curve is negatively sloped at the profit-maximizing level of output.
d.Marginal cost is equal to total cost divided by the quantity of output.
e.Marginal cost initially increases with an increase in output but subsequently
declines.

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tutorconsortium650

The correct answer is : D- Marginal cost is equal to total cost divided by the quantity of output.

What is the short-term reality of marginal cost?

Some of the company's short-term costs are fixed regardless of the output level (e.g. buildings, machinery). Other expenses like labor and materials change with output and are therefore reflected in marginal cost.

Why is it likely that in the short term, the marginal product of labor will rise and then fall?

As the initial employees are hired, they may choose to specialize in the jobs for which they have the greatest aptitude, which raises the marginal product of labor. The workplace eventually becomes crowded and the productivity of extra workers decreases while the amount of capital remains constant.

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