Question
What is marginal cost?
the cost of producing one more unit of a good
total revenue plus total cost
total revenue minus total cost
the difference between fixed and variable costs
the cost of producing one more unit of a good
total revenue plus total cost
total revenue minus total cost
the difference between fixed and variable costs
Answers
GPT-4o mini
Marginal cost is defined as **the cost of producing one more unit of a good**. It represents the change in total cost that arises when the quantity produced is increased by one unit. This concept is important in economics and helps businesses make decisions about production levels.