The Marginal Benefit in the Above Table Is

question 40

Multiple Choice

The marginal benefit in the above table is

• A)increasing at a constant rate.
• B)decreasing at a constant rate.
• C)increasing at a decreasing rate.
• D)decreasing at an increasing rate.

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Definitions:

Average Product

Average product is the output produced per unit of input, calculated by dividing total production by the number of units of input.

Marginal Product

This is the additional output resulting from one more unit of a given input, keeping all other inputs constant.

Labor Employment

The process or state of engaging individuals in work or activities that require the use of their skills and labor in return for payment.

Productivity

The measure of the efficiency of production, often expressed as the ratio of output to inputs used in the production process.