American Civil War. The American Civil War was an internal conflict fought in the United States (U.S.) from 1861 to 1865. The Union (i.e., The United States) faced secessionists in eleven Southern states grouped together as the Confederate States of America. The Union won the war, which remains the bloodiest in U.S. history.
Marginal cost tells us the a. value of all resources used in a production process. b. marginal increment to profitability when price is constant. c. amount by which total cost rises when output is increased by one unit. d. amount by which output rises when labor is increased by one unit.
1. The starting point is distinguishing between private costs and social costs: a. A private cost of production is a cost borne by the producer of a good or service. b. Marginal cost is the cost of producing an additional unit of a good or service. c. Marginal private cost (MC) is the cost of producing an additional unit of a good or service that is borne by the producer of the good or service. d. Marginal external cost