What is the difference between total cost and variable cost in ...

[mcmcdaniel]

What is the difference between total cost and variable cost in the long run?
 
  What will be an ideal response?

Question 2

A marginal tax rate is
 
  A) the fraction of each additional dollar of income that must be paid in taxes.
  B) the incremental income one must earn to offset each additional dollar of tax.
  C) the ratio of a change in income to a change in taxes paid.
  D) the fraction of income that must be paid in taxes.

[bookworm410]

Answer to Question 1

In the short run, total cost = variable cost + fixed cost; but in the long run, total cost = variable cost because there are no fixed costs in the long run.

Answer to Question 2

A