Asked by
Taran sidhu
on Oct 25, 2024
Verified
The _____ is the amount by which an additional unit of activity increases its total cost.
A) marginal cost
B) average cost
C) average profit
D) marginal benefit
Total Cost
The sum of all costs incurred by a business in producing a certain amount of a good or service, including both fixed and variable costs.
Additional Unit
Refers to the next unit of product or service that is considered in the production or consumption decision-making process.
- Master the understanding of marginal cost and its consequence on production decision-making processes.
Verified Answer
II
Learning Objectives
- Master the understanding of marginal cost and its consequence on production decision-making processes.
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