The Marginal Product of an Input Is Defined as the Change

question 43

Multiple Choice

The marginal product of an input is defined as the change in:

• A) average output attributable to the last unit of an input.
• B) total output attributable to the last unit of an input.
• C) total input attributable to the last unit of an output.
• D) average output attributable to the last unit of an output.

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Definitions:

Bulk Cargo

Large quantities of goods, such as grains, coal, or minerals, that are not packaged and are transported in large, single parcels or loads.

Business Model

A plan or framework that outlines how a company creates, delivers, and captures value, essentially describing how it operates and makes money.

Value

The ratio of perceived benefits to price; or Value = (Perceived benefits ÷ Price).

Mission Statement

A short statement of an organization's purpose, defining its goals, ethical values, and primary objectives for its target audience.