The Service Industry Represents of the Value of the U

question 172

Multiple Choice

The service industry represents of the value of the U.S. economy.

• A)about 30%
• B) under 50%
• C)about 70%
• D)about 50%

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Definitions:

Total Product Curve

A graphic representation showing how the total quantity of output of a firm changes as the quantity of an input is changed, holding all other inputs constant.

Marginal Product

The increase in output that results from adding one more unit of a specific input, holding all other inputs constant.

Total Product

The total output or production achieved by a firm from a given amount of inputs.

Marginal Product

The additional output produced when one additional unit of an input is employed, with all other factors remaining constant.