The change in total cost of production that results from a change in the amount of a resource used is
A)average resource cost
B)marginal resource cost
C)marginal product
D)marginal revenue product
E)average revenue product

Question

Quizplus · Accepted Answer

The change in total cost of production that results from a change in the amount of a resource used is known as the marginal resource cost. It represents the extra cost incurred by the firm when it hires one additional unit of a resource, such as labor or capital. The other options (A, C, D, E) do not accurately describe this concept.

The Change in Total Cost of Production That Results from a Change