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:

Introvert

A person predominantly concerned with their own thoughts and feelings rather than with external things.

Extrovert

An individual who is outgoing, sociable, and thrives in social situations, often feeling energized by interactions with others.

Frontal Lobe

The part of the brain located at the front of each cerebral hemisphere, associated with reasoning, planning, parts of speech, movement, emotions, and problem-solving.

Reciprocal Determinism

A concept in psychology suggesting that a person's behavior both influences and is influenced by personal factors and the social environment.