Assuming That All Other Factors of Production Are Held Constant

question 47

Multiple Choice

Assuming that all other factors of production are held constant, marginal product is the change in ________ output resulting from a 1-unit change in _______ .

• A) total; a variable input
• B) total; a fixed input
• C) total; average product
• D) per unit; a fixed input

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Definitions:

Drive-Reduction Theory

A psychological theory that posits that behavior is motivated by the desire to reduce internal drives or needs, such as hunger or thirst.

Very Unpleasant Conversation

A dialogue involving disagreeable, uncomfortable, or distressing topics that may lead to emotional discomfort among participants.

Incentives

Incentives are external rewards or penalties that motivate individuals to take specific actions or behave in certain ways.

Motivate

The process of stimulating interest or enthusiasm for doing something, often leading to increased effort and goal-directed behavior.