The Amount by Which an Additional Unit of a Factor

question 138

Multiple Choice

The amount by which an additional unit of a factor increases a firm's _____ during a period is the _____.

• A) total revenue; value of the marginal product
• B) total revenue; marginal factor cost
• C) total cost; value of marginal product
• D) total cost; marginal product

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Definitions:

Hot Dog

A cooked sausage, traditionally grilled or steamed and served in a partially sliced bun as a sandwich.

Hamburger

A popular food item consisting of a cooked patty, usually made from ground beef, placed inside a sliced bun, often served with various condiments and toppings.

Budget Constraint

The limits imposed on household choices by income, wealth, and product prices, affecting the combination of goods and services they can afford.

Point D

A reference to a specific point on a graph or chart, often used to denote a particular set of conditions or coordinates in economic analysis.