Mastering Marginal Cost
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Questions and Answers

Marginal cost is the change in total production cost that comes from producing one additional unit.

True

Marginal cost is the change in total production cost that comes from making producing one less unit.

False

Marginal cost is the change in total production cost that comes from producing multiple additional units.

False

Nominal GDP refers to the GDP at constant prices.

<p>False</p> Signup and view all the answers

Nominal GDP is the market value of goods and services produced in a country in a specific year.

<p>True</p> Signup and view all the answers

Nominal GDP is calculated by adjusting the GDP for inflation.

<p>False</p> Signup and view all the answers

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