The Added Expense of Producing One More Unit of Output

question 42

Multiple Choice

The added expense of producing one more unit of output is called the

• A) marginal product.
• B) marginal cost.
• C) average cost.
• D) production cost.

---

Definitions:

Equal Distribution

The sharing of resources, wealth, or opportunities among all members of a society or group in a way that is considered fair and equitable.

Lorenz Curve

A graphical representation of income or wealth distribution within an economy, indicating inequality.

45-degree Line

describes a line usually used in economics and other disciplines, where every point on it has equal x and y coordinates, often used as a benchmark in Keynesian cross diagrams.

Wealthiest Fifth

Refers to the top 20% of individuals or households in terms of wealth or income distribution in a given population.