The Opportunity Cost of Producing One More Unit of a Good

question 57

Multiple Choice

The opportunity cost of producing one more unit of a good or service is the

• A) marginal cost.
• B) marginal benefit.
• C) efficient level of production.
• D) market outcome.
• E) price of the good or service.

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Definitions:

Experimental Estimate

A calculation or approximation obtained through controlled experimental methods to determine the effect of variables.

Prediction

The act of forecasting or estimating future events based on current or past data.

Psychological Researchers

Individuals who study the human mind and behavior through various scientific methods and experiments.

General Principle

A fundamental truth, foundation, or doctrine that serves as the basis for a system of belief or behavior or for a chain of reasoning.