The Marginal Product of an Input Is

question 78

Multiple Choice

The marginal product of an input is:

• A) total product divided by the amount of the input used to produce this amount of output.
• B) the addition to total output that adds nothing to total revenue.
• C) the addition to total output that adds nothing to profit.
• D) the addition to total output due to the addition of one unit of all other inputs.
• E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.

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Definitions:

Average Annual Rate

Typically refers to the mean percentage rate at which a value (e.g., investment or population) grows annually.

U.S. Prices

A general term referring to the level of prices or cost of living in the United States, often assessed through indicators like the Consumer Price Index.

Vertical Axis

In a graph or chart, the y-axis along which numerical values are plotted to measure the outcome variable.

Price Level

The current mean cost of goods and services across the full economic production.