Marginal Resource Cost Is Defined as the

question 110

Multiple Choice

Marginal resource cost is defined as the

• A)additional cost of producing an additional unit of output
• B)change in resource employment required to increase the units of output produced
• C)ratio of marginal revenue product to the market price of the output sold
• D)additional cost of employing one additional unit of a resource
• E)ratio of the change in total resource usage to the change in total resource cost

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Definitions:

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving aspects of psychology, economics, and management.

Planning and Control

Planning and Control encompass the processes used by management to set goals, implement strategies, and ensure the organization's resources are used effectively and efficiently to achieve them.

Transfer Price

The price at which goods or services are sold between divisions within the same company.

External Market

The environment outside a business in which it operates, dealing with the supply, demand, and pricing of goods and services.