The Value of the Marginal Product of Any Input Is

question 489

Multiple Choice

The value of the marginal product of any input is equal to the marginal product of that input multiplied by the

• A)wage.
• B)marginal cost of the output.
• C)change in total profit.
• D)market price of the output.

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Definitions:

Classically Conditioned Responses

Behaviors that are learned through the process of associating an initially neutral stimulus with a stimulus that naturally evokes a response.

Nondeclarative Memory

A type of long-term memory that stores knowledge of procedures and how things are done, rather than explicit facts or events.

Bicycle

A human-powered, pedal-driven vehicle with two wheels attached to a frame, one behind the other.

Pedaling

A physical activity involving the use of legs to move pedals in a circular motion, commonly associated with bicycling or exercising on stationary bikes.