The Amount by Which the Use of an Additional Unit

question 230

Multiple Choice

The amount by which the use of an additional unit of a factor of production increases a firm's total revenue during a period is called the:

• A)value of the marginal product.
• B)average product.
• C)marginal factor cost.
• D)marginal physical product.

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Definitions:

Humanistic

Pertains to a psychological perspective that emphasizes the study of the whole person, looking at human behavior through the eyes of the observer and the person doing the behaving.

Observable Behavior

Actions or reactions of an individual that can be directly seen or measured, without the need for inferring internal states or motivations.

Mental Processes

Internal operations that include thinking, perceiving, remembering and feeling, which influence human behavior.

Elements of Thought

The fundamental aspects or principles involved in the process of thinking, such as reasoning, problem-solving, and decision-making.