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The additional cost incurred by producing an additional unit of output is known as

Economics
JAMB 2016

The additional cost incurred by producing an additional unit of output is known as

  • A. Fixed cost
  • B. Total cost
  • C. Average cost
  • D. Marginal cost
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Correct Answer: Option D
Explanation

Marginal cost is the additional cost incurred in the production of one more unit of a good or service.

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