Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service.

Name: Marginal cost is the minimum price that producers must receive to induce them to produce another unit of a good or service.
Brand: Quizplus
Rating: 4.9 (51 reviews)

Question

Quizplus · Accepted Answer

Marginal cost represents the additional cost incurred to produce one more unit of a good or service, and producers typically need to receive at least this amount to cover the cost of production for that additional unit.

Marginal Cost Is the Minimum Price That Producers Must Receive