Expected Costs Per Unit of Input Are Called

question 100

Multiple Choice

Expected costs per unit of input are called:

• A) Standard prices
• B) Standard costs
• C) Standard quantities
• D) Standard ideals

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Definitions:

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Marginal Productivity

The additional output that is produced by adding one more unit of a specific input while holding other inputs constant.

Labor

The combined physical and mental exertion employed in creating goods and services.

Marginal Physical Product

The change in total physical output that results from a one-unit increase in the quantity of one input, holding other inputs constant.