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.

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Definitions:

Ciliary Ganglion

A parasympathetic ganglion located in the orbit that plays a role in controlling the ciliary muscles of the eye, affecting lens shape and pupil size.

Otic Ganglion

A small parasympathetic ganglion located just below the ear, associated with the glossopharyngeal nerve, involved in salivation and lacrimation.

Parasympathetic Cranial

Pertaining to the cranial part of the parasympathetic nervous system, which helps control bodily functions when at rest, like saliva production and slowing the heartbeat.

Glossopharyngeal

A cranial nerve (IX) that manages taste and other functions in the throat and tongue.