Question

What is the difference between marginal cost and marginal revenue? Marginal cost is the money earned from selling one more unit of a good. Marginal revenue is the money paid for producing one more unit of a good. Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good. Marginal cost is the money a producer might make from one more unit. Marginal revenue is the money a producer actually makes from one more unit. Marginal cost is the money a producer actually makes from one more unit. Marginal revenue is the money a producer might make fr

Answer 1

Answer:

Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.

Explanation:

While revenue (which is also known as sales) refer to money earned from the sale of goods or rendering or service, cost refers to the expenses incurred in the process of generating the revenue.

Marginal in economics refers to additional unit and as such,

Marginal revenue is the amount earned from the sale of an additional unit of an item while

Marginal cost is the money paid or cost incurred in producing an additional unit of an item.