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Marginal cost is?

Economics
JAMB 2022

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
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Correct Answer: Option D
Explanation

Marginal cost is the additional cost incurred in the production of an additional unit of a product or service.

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free