Asked by
Krislyn Smith
on Nov 25, 2024
Verified
Marginal cost is the
A) rate of change in total fixed cost that results from producing one more unit of output.
B) change in total cost that results from producing one more unit of output.
C) change in average variable cost that results from producing one more unit of output.
D) change in average total cost that results from producing one more unit of output.
Marginal Cost
The cost of producing one additional unit of a product, critical for decision-making in production.
Total Cost
The sum of fixed and variable costs incurred in the production of goods or services.
Output
The total quantity of goods or services produced by an individual, firm, or country within a certain period.
- Understand the concept of marginal cost and its calculation.
Verified Answer
PP
Learning Objectives
- Understand the concept of marginal cost and its calculation.