Cost or Outlay Is an Accounting Approach to Tabulate the Social

question 2

True/False

Cost or outlay is an accounting approach to tabulate the social costs and benefits with the objective of the best social return for the social investment made.

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Definitions:

Marginal Revenue Product

The additional revenue generated from using one more unit of a resource.

Additional Revenue

The increase in income received from selling one more unit of a product or service.

Additional Unit

The next unit of production, referring to the increase in quantity by one unit.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production, such as labor or capital.