The Marginal Product of Any Input

question 146

Multiple Choice

The marginal product of any input

• A)is the increase in total cost associated with a one-unit increase in production.
• B)is the change in total output associated with a $1.00 increase in total cost.
• C)is the increase in total cost resulting from the hiring of an additional worker.
• D)is the increase in total output obtained from one additional unit of that input.

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Definitions:

Borrower's Assurance

A guarantee provided by a borrower to a lender that the borrower will meet the obligations of the loan agreement.

Lenders

Entities or individuals that provide funds to borrowers under an agreement to repay with interest.

Loans

Sums of money borrowed that are expected to be paid back with interest.

Potential Lender

An individual or institution considering the provision of loans or credit to businesses or individuals, assessing risk and return before decision-making.