The cost of producing an additional unit of a product is known as its:
A) isocost.
B) transaction cost.
C) marginal cost.
D) redundancy cost.
E) implicit cost.

Name: The cost of producing an additional unit of a product is known as its: A) isocost. B) transaction cost. C) marginal cost. D) redundancy cost. E) implicit cost.
Brand: Quizplus
Rating: 4.8 (40 reviews)

Question

Quizplus · Accepted Answer

Marginal cost refers to the cost of producing one additional unit of a product, capturing the concept of the expense incurred by increasing production by a single unit.

The Cost of Producing an Additional Unit of a Product