A Resource's Marginal Product Is

question 113

Multiple Choice

A resource's marginal product is

• A)the revenue produced by one additional unit of that resource, other things constant
• B)the total output produced by one unit of that resource, other things constant
• C)the additional output produced by one additional unit of that resource, other things constant
• D)the total output divided by the number of units of that resource employed
• E)the total output times the number of units of that resource employed

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Definitions:

Overspends

The act of spending more money than is budgeted or considered financially wise.

Constant Need

A requirement or demand that does not change over time.

Nobel Prize

An international award given annually in several categories such as literature, peace, and various sciences, recognizing outstanding contributions to humanity.

Daniel Kahneman

A renowned psychologist and economist known for his work in the field of behavioral economics, particularly his research on decision-making and risk-taking.