Marginal Cost, Marginal Benefit & Efficiency

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Last updated 6:15 PM on 9/12/26
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6 Terms

1
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What does "marginal" mean in economics?

Additional or one more unit.

2
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What is marginal cost (MC)?

The additional cost of producing one more unit.

3
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What is marginal benefit (MB)?

The additional benefit gained from consuming one more unit.

4
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What happens to marginal benefit as you consume more of a good?

It generally decreases.

5
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What is allocative efficiency?

When marginal benefit equals marginal cost (MB = MC).

6
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What is production efficiency?

Producing on the PPC using resources fully and efficiently.