The marginal cost for a product is the:
A) cost per unit of the good or service produced.
B) cost of producing a specified number of units of the good or service.
C) difference between the explicit costs and implicit costs of production.
D) change in total cost when one more unit of the good or service is produced.

Question

Quizplus · Accepted Answer

Marginal cost refers to the change in total cost that arises when the quantity produced is incremented by one unit. It is essentially the cost of producing one additional unit of a good or service.

The Marginal Cost for a Product Is The