Asked by
Rezan Yusuf
on Oct 09, 2024Verified
The marginal cost curve is:
A) upsloping because of increasing marginal opportunity costs.
B) upsloping because successive units of a specific product yield less and less extra utility.
C) downsloping because of increasing marginal opportunity costs.
D) downsloping because successive units of a specific product yield less and less extra utility.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good changes as the quantity of production is increased.
Increasing Marginal Opportunity Costs
Represents the concept that each additional unit of a good or service produced requires the sacrifice of increasingly more valuable alternatives.
Specific Product
A particular product identified by its unique characteristics or defined specifications, distinguishing it from other products.
- Master the ideas surrounding marginal benefits and marginal costs, and their utility in determining the most efficient output level and distribution of resources.
Verified Answer
BC
Learning Objectives
- Master the ideas surrounding marginal benefits and marginal costs, and their utility in determining the most efficient output level and distribution of resources.