Value of Marginal Product Is Defined as the Additional

question 34

Multiple Choice

Value of marginal product is defined as the additional

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

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Definitions:

Physical Substance

A characteristic of an asset that consists of material existence; tangible assets that can be seen, touched, or quantified.

Depletion

Systematic and rational allocation of the cost of a natural resource over the period of its exploitation

Straight-Line Depreciation

A method of allocating an asset's cost evenly across its useful life.

Natural Resources

Assets occurring in nature, such as mineral deposits, timber tracts, oil, and gas