Examlex
Which of the following statements is false?
Total Product
The total output or production achieved by a firm or economy at a given level of input.
Marginal Product
The additional output produced by adding one more unit of a specific input, keeping all other inputs constant.
Marginal Revenue Product
The additional revenue a firm gains from employing one more unit of input, holding all other inputs constant.
Output
The amount of goods or services produced by a company, industry, or economy within a specified period.
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