________ Is the Cost of Using Resources to Produce Another

question 162

Multiple Choice

________ is the cost of using resources to produce another unit of a good.

• A) Marginal revenue
• B) Marginal cost
• C) Price
• D) Total cost

---

Definitions:

Economically Inefficient Outcomes

Situations where resources are not allocated optimally, resulting in lost potential utility or value.

Economists

Professionals who study the production, distribution, and consumption of goods and services.

Deregulation

The reduction or elimination of government power in a particular industry, usually with the aim of creating more competition within the industry.

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply and pricing of a unique product or service.