The Value of Marginal Product (VMP) of an Input Such

question 96

Multiple Choice

The value of marginal product (VMP) of an input such as labour is the

• A) extra revenue gained by employing one more unit of the input.
• B) additional output produced by the last unit of an input.
• C) total revenue divided by the units of the input employed.
• D) extra revenue gained by selling one more unit of output.

---

Definitions:

Hospice

An institution or program in which terminally ill patients receive palliative care to reduce suffering; family and friends of the dying are helped as well.

Pain Management

Medical strategies and treatments aimed at reducing, controlling, or eliminating pain.

Artificial Life-Support

A medical system designed to assist or replace vital bodily functions in critically ill patients.

Hospice Care

A form of compassionate care given to individuals nearing the end of life, focusing on comfort, quality of life, and family support.