Marginal cost is the additional cost to a firm of producing one more unit of a good or service.
Indicate whether the statement is true or false
Question 2
Jonah lives in a small town where there is only one Mexican restaurant. Which of the following is likely to be true about the price elasticity of demand for meals at the Mexican restaurant?
A) Demand is likely to be perfectly elastic. B) Demand is likely to be relatively elastic.
C) Demand is likely to be relatively inelastic. D) Demand is likely to be perfectly inelastic.
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