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High and persistent inflation is caused by ________.
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1. Introduction to Macroeconomics
Three Key Economic Ideas
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In economics, marginal means
A
Additional
B
Extra
C
One more
D
All of the above
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Understand the term 'marginal' in economics: It refers to the concept of 'additional' or 'extra' when considering the impact of one more unit of something, such as goods or services.
Recognize that 'marginal' is often used in various economic contexts, such as marginal cost, marginal revenue, and marginal utility, each referring to the change resulting from an additional unit.
Consider the context in which 'marginal' is used to determine its specific application, whether it is related to cost, benefit, or utility.
Identify that the term 'marginal' is synonymous with 'additional', 'extra', and 'one more', indicating that all these terms describe the same economic concept.
Conclude that in the given problem, the correct answer is 'All of the above', as all options accurately describe the meaning of 'marginal' in economics.
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