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FARHANA BEGUM
on Nov 05, 2024

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Marginal cost is a good measure of

A) the social value of a marginal unit of a good.
B) the least costly way to produce all units of a good.
C) what society gives up by using resources to produce more of a good or service.
D) what society gains by using resources to produce more of a good or service.

Marginal Cost

The extra expenditure involved in generating an additional unit of a product or service.

Social Value

The importance or benefit that something has to society, which might not be reflected in its market price, such as education or environmental protection.

Resources

Assets, materials, and inputs used to produce goods and services, including natural resources, human resources, and capital.

  • Understand the role of marginal cost and opportunity cost in economic decision-making.
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Quennie Ann NaguitaNov 06, 2024
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