Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Question
Chapter 4, Problem 1MC
To determine
The meaning of the term ‘marginal’ in economics.
Expert Solution & Answer
Explanation of Solution
Option (c)
In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or return created from producing each additional unit. Therefore, ‘marginal’ represents an increment in something by producing an additional unit of output. Thus, option (c) is correct.
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