Value of Marginal Product Is Defined as the Additional

question 261

Multiple Choice

Value of marginal product is defined as the additional

• A)output a firm would receive after hiring one more factor of production.
• B)cost of hiring one more factor of production.
• C)revenue earned from selling one more unit of product.
• D)revenue earned from hiring one more factor of production.

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Definitions:

Outboard Motors

Engine units mounted on the outside of the boat's stern, providing propulsion and steering capabilities.

Economic Growth

A rise in the output of goods and services within an economy over a certain period, often assessed through Gross Domestic Product (GDP).

Unemployed Resources

Resources that are not currently being utilized in the production of goods or services, often referring to labor or capital lying idle.

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced using limited resources efficiently.