- Marginal Cost (MC) is the cost of producing one additional unit of output. - Short-run costs are affected by fixed and variable factors. - The U- shape is a result of the Law of Variable Proportions (or Diminishing Marginal Returns).
What is the shape of the short run marginal cost curve ?
Asked in UPSC Combined Section Officer 2024 · Topic: Industrial Sector (Performance and Trends of Industrial Growth (Contribution to GDP, Employment, Index of Industrial Production))
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