Marginal cost is - JAMB Economics 2022 Question
Marginal cost is?
A
the lowest cost of producing goods
B
the cost of production of the most efficient firm in an industry
C
the cost of production of the most inefficient firm in an industry
D
the cost of production of the last or extra unit of goods produced by a firm
correct option: d
Option D is the correct answer.
The additional cost incurred in producing an additional unit of a good or service is known as the marginal cost.
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