The Marginal Physical Product of an Input Is the

question 42

Multiple Choice

The marginal physical product of an input is the

• A)addition to output from using one more unit of an input.
• B)extra amount of an input needed to produce one additional unit of output.
• C)change in average physical product, given a change in the quantity of an input.
• D)slope of the production indifference curve for an output made using the input.

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Definitions:

Interest Rate

A lender demands a fee, represented as a percentage of the principal, from a borrower for asset utilization.

Payment

is the transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Future Value

The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today.

Deposit

A sum of money placed or kept in a bank account, usually to gain interest.