Question

What is marginal cost?
А
the price at which producers are willing to sell one unit of a good or service
B
the price at which consumers are willing to purchase one unit of a good or service
С
the additional effort and resources needed to produce one additional unit of a good or service
D
the additional positive value a person receives from consuming one more unit of a good or service

Answer 1

Answer:

С). the additional effort and resources needed to produce one additional unit of a good or service

Explanation:

Marginal cost is the extra expenses associated with the production or sale of one more unit of output. Marginal cost is compared and contrasted with marginal revenue to determine if production should continue or not.

Both marginal cost and marginal revenue are concepts of marginal analysis. They are decision-making tools in the production process.  for a profit-maximizing firm, production should continue for as long as marginal revenue is greater than marginal cost.