JAMB - Economics (2022 - No. 1)
Marginal cost is?
the lowest cost of producing goods
the cost of production of the most efficient firm in an industry
the cost of production of the most inefficient firm in an industry
the cost of production of the last or extra unit of goods produced by a firm
Spiegazione
Marginal cost is the additional cost incurred in the production of an additional unit of a product or service.