Marginal cost of production is defined as
AGRICULTURE
WAEC 2012
Marginal cost of production is defined as
- A. increase in fixed cost that results from increasing production by one unit
- B. product of average variable cost and the number of units produced
- C. average physical product multiplied by the variable cost
- D. increase in total cost as output is increased by one unit
Correct Answer: D. increase in total cost as output is increased by one unit
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