__________ is the price one would will be willing to pay for acquiring an additional unit of a resource.
A)Final cost
B)Reduced cost
C)Shadow price
D)Single price

Question

Quizplus · Accepted Answer

Shadow price is the price at which a resource would be valued in a particular decision-making situation. It represents the opportunity cost of using the resource in one way rather than another. It helps a firm to allocate resources in the most efficient manner among different activities. Therefore, option C is the correct answer.

__________ Is the Price One Would Will Be Willing to Pay