Marginal Resource Cost Refers to the

question 300

Multiple Choice

Marginal resource cost refers to the

• A) increase in total revenue resulting from the sale of the extra output of one more worker.
• B) price at which additional units of a resource can be hired in an imperfectly competitive resource market.
• C) increase in total cost resulting from producing one more unit of output.
• D) amount by which a firm's total resource cost increases as the result of hiring one more unit of the resource.

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Definitions:

Cause And Effect Relationship

A connection between two events where one (the cause) makes the other (the effect) happen.

Opportunity Cost

The value of the best alternative forgone when an item or activity is chosen.

Monetary Costs

Expenses measured in terms of the amount of money expended or required to purchase goods, services, or assets.

Alternative Activities

Options or activities that can be chosen as alternatives to the current activity being engaged in, often considered in the context of opportunity cost.