Marginal resource cost can be defined as:
A)the increase in total resource cost associated with the production of one more unit of output
B)the increase in total resource cost associated with the hiring of one more unit of the resource
C)total resource cost divided by the number of units of the resource employed
D)the change in total revenue associated with the employment of one more unit of the resource
E)the increase in total output associated with the hiring of one more unit of the resource

Question

Quizplus · Accepted Answer

Marginal resource cost is defined as the increase in total resource cost associated with the hiring of one more unit of the resource. This concept is used to analyze the cost of employing an additional unit of a factor of production, such as labor or capital, in the production process.

Marginal Resource Cost Can Be Defined As