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What is the best definition of marginal cost?

A. the possible income from producing an additional item

B. the price of producing one additional unit of a good

C. the additional income gained from selling an additional good

D. the financial gain from business activity minus expense

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Ronaldo Mendoza
Ronaldo MendozaLv10
27 Aug 2020

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Related questions

A seller's reservation price is generally equal to:

a. seller's marginal benefit from producing an additional unit

b. seller's opportunity cost of producing an additional unit

c. market's price

d. buyer's reservation price

A profit-maximizing firm will continue to expand output

a. as long as the revenues from the production and sale of an additional unit exceed the average costs of the unit.

b. until the average cost of producing the good or service is at a minimum.

c. as long as the revenues from the production and sale of an additional unit exceed the marginal cost of the unit.

d. until the marginal cost of producing a good or service is at a minimum.

 

1.If a firm is producing where MR > MC
Answer


A. the revenue gained by producing one more unit of output exceedsthe cost incurred by doing so.


B. the revenue gained by producing one more unit of output equalsthe cost incurred by doing so.


C. the revenue gained by producing one more unit of output is lessthan the cost incurred by doing so.


D. The firm is already maximizing profits because revenue is beingincreased by more than costs.

2.The added revenue that a firm earns from selling an additionalunit of output is
Answer


A. total revenue


B. marginal revenue

C. variable revenue

D. fixed revenue

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