Marginal Product Is the Change in

question 174

Multiple Choice

Marginal product is the change in

• A) total output divided by the change in input.
• B) total output plus the change in input.
• C) total output minus the change in input.
• D) total output times the change in input.
• E) input divided by the change in total output.

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Definitions:

Fixed Assumptions

Preset conditions or principles that are assumed to remain constant over a defined period for the purpose of analysis or modeling.

Achievable Output Levels

The various amounts of goods and services an economy can produce when utilizing all its resources efficiently.

Fully Employed

Refers to a situation where all available labor resources are being used in the most economically efficient way, often considered an indicator of economic health.

Unattainable Points

Situations or outcomes in economic models that cannot be achieved given the current resources and technology.