Asked by Annabelle Beauchamp on May 01, 2024
Verified
When economists speak of "marginal",they mean
A) Opportunity
B) Scarcity
C) Incremental
D) Unimportant
Marginal
Relating to the additional cost or benefit associated with producing one more unit of a good or service.
Incremental
Relating to a small or gradual change or increase, often considered in the context of adjustments or improvements.
Opportunity
A set of circumstances that makes it possible to do something or achieve a particular goal.
- Grasp the definition and importance of marginal concepts in economics, including marginal revenue, marginal cost, and marginal benefit.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
C
Explanation :
Economists use "marginal" to refer to incremental changes or additions. For example, marginal cost is the cost of producing one additional unit. Marginal revenue is the additional revenue generated by selling one additional unit. Marginal analysis helps economists make decisions about how much to produce, price levels, and resource allocation.
Learning Objectives
- Grasp the definition and importance of marginal concepts in economics, including marginal revenue, marginal cost, and marginal benefit.