Day: May 6, 2023

What is marginal cost?

Select ONE answer:

1. the difference between the total cost of producing n and n-1 units of output
2. the difference between the average variable cost of producing n units and n-1 units of output
3. the difference between the average total cost of producing n units and n-1 units of output
4. the average variable cost of producing one more unit

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

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