The Value of One More Unit of a Good or Service

question 99

True/False

The value of one more unit of a good or service is its marginal benefit.

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Definitions:

Assets

Resources owned or controlled by a business, expected to produce future economic benefits.

Owner's Equity Statement

A financial statement showing the changes in the equity of a business entity over a period of time.

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues.