Marginal Product of Labour Is the Increase in Total Product

question 51

Multiple Choice

Marginal product of labour is the increase in total product that results from a

• A)one-unit increase in the quantity of labour employed, other inputs remaining the same.
• B)one-unit increase in the quantity of fixed inputs employed, holding the quantity of labour constant.
• C)one-unit increase in both the quantity of variable and fixed inputs.
• D)change in the cost of labour.
• E)1 percent change in the quantity of labour and the quantity of capital employed.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, aiming to harmonize the law of sales and other commercial transactions across state lines.

Public Policy

Principles and standards regarded by the legislature or by courts as being of fundamental concern to the state and the whole of society.

Original Obligor

The original party responsible for repaying a debt or fulfilling an obligation under the terms of a contract.

Creditor Beneficiary

A third party that benefits from a contract made between two other parties because the contract discharges a debt or duty owed to them.