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Question 42 Marginal cost is ________. A. the total cost of producing one unit of a...

Question 42

Marginal cost is ________.

A. the total cost of producing one unit of a good or service

B. the average cost of producing a good or service

C. the difference between the lowest price a firm would have been willing to accept and the price it actually receives

D. the additional cost to a firm of producing one more unit of a good or service

BAM223 - PRINCIPLES OF ECONOMICS

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Answer #1

The marginal cost is the additional cost that is made to the total cost when an additional unit of the good or service is produced. The marginal cost is calculated by dividing the change in total cost by the change in quantity produced.

The average cost is different from the marginal cost, the average cost is total cost divided by the quantity produced. The difference between maximum price that is willing to accept and the price actually receives is the producer surplus.

MC.

Ans: D. the additional cost to a firm of producing one more unit of a good or service.

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