The change in a firm’s total cost from producing one more unit of a good or service is the firm’s _________.Group of answer choicesaverage cost of productionmarginal cost of productionexplicit cost of productionimplicit cost of production

If a company increases production without any increase in fixed costs:Group of answer choicesUnit total cost will increase.Fixed cost per unit will increase.Variable costs per unit will decrease.Gross margin per unit will increase when the units are sold.

The task of any business is to ________.Group of answer choicescreate customer needscommunicate similar value as provided by competitorsdifferentiate in terms of cost of productiondeliver customer value at a profitreduce competition

What term describes the cost of merchandise the firm sells?Multiple choice question.cost of goods producedcost of goods relinquishedcost of goods soldcost of goods returned

The added revenue that a firm takes in when it increases output by one additional unit is ________ revenue.Group of answer choicestotalmarginalvariablefixed

Which of these would not be regarded as a variable cost for a service station?Group of answer choicesPetrol and oil.Confectionery sold in the shop.Parts used in the workshop.Salary of manager.