What is the term for the change in total cost that results from the production of one additional unit of output?
A) marginal cost
B) marginal revenue
C) average total cost
D) average variable cost

Question

Quizplus · Accepted Answer

Marginal cost is the term used to describe the change in total cost as a result of producing one additional unit of output. It takes into account the additional costs incurred for the production of that one unit, such as the cost of additional materials, labor, and overhead.

What Is the Term for the Change in Total Cost