Asked by
Camilo Arenas
on Nov 17, 2024
Verified
An increase in the marginal cost of an activity necessarily means that people will no longer engage in any of that activity.
Marginal Cost
Marginal cost is the cost of producing one more unit of a good or service, which can vary depending on the level of production.
Activity
The engagement in tasks or actions, typically referring to some form of productive work or leisure actions.
- Identify the fundamental concepts involved in economic decision-making.
- Appreciate the impact of incentives on individual and collective decision-making.
Verified Answer
JH
Learning Objectives
- Identify the fundamental concepts involved in economic decision-making.
- Appreciate the impact of incentives on individual and collective decision-making.