Choose the Answer That Best Completes Each Sentence

question 56

Short Answer

Choose the answer that best completes each sentence.
(a) The extra revenue that a firm gains from employing one more unit of a variable factor is known as the:
(b) The cost of producing one additional unit of output is known as:
(c) The extra output that a firm gains from employing one more unit of a variable factor is known as the:
(i)marginal cost.
(ii)marginal physical product.
(iii)marginal revenue product.

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Definitions:

Perceived Importance

The subjective significance or value that an individual assigns to an object, concept, or action, based on personal belief, culture, or social influence.

Competitive Advantages

The unique attributes or benefits that a company possesses, allowing it to outperform its competitors.

Cognitive Learning Technique

Involves the use of mental processes to acquire knowledge and understanding through thought, experience, and the senses, emphasizing learning strategies that foster deep understanding.

Plaque Buildup

The accumulation of substances on the surface of teeth or in arteries, potentially leading to dental hygiene issues or cardiovascular diseases.