ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ measures the advantages of producing a single unit of a good or service.
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Profit
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Fixed Cost
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Marginal Cost
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Marginal Benefit
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Explanation:
Detailed explanation-1: -marginal benefit-Measures the advantages of producing one additional unit of a good and/or service.
Detailed explanation-2: -The marginal benefit is the maximum additional cost that a consumer is willing to pay for an additional purchase of the unit of product. The marginal benefit often decreases as consumption increases of the good or service. This is known as the law of diminishing marginal benefits.
Detailed explanation-3: -Calculation: Determining marginal cost involves dividing the change in total cost by the change in quantity. In contrast, determining marginal benefit involves dividing the change in total benefit by the change in quantity.
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