Marginal cost refers to the increase in cost attributable to hiring one more unit of labor, capital, or some other input.

Name: Marginal cost refers to the increase in cost attributable to hiring one more unit of labor, capital, or some other input.
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Question

Quizplus · Accepted Answer

Marginal cost refers to the increase in total cost that arises from producing one additional unit of a good or service, not specifically related to hiring inputs like labor or capital.

Marginal Cost Refers to the Increase in Cost Attributable to Hiring