Match the Following Items with the Appropriate Designation (Estimated Liability

question 93

Multiple Choice

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability) .
-Accrued wages payable

• A)Contingent liability
• B)Estimated liability
• C)Known liability

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Definitions:

Average Product

The output produced per unit of input used, calculated by dividing total output by the quantity of inputs.

Labor

The effort by humans to produce goods or services in the economy.

Marginal Product

The extra output produced from using an additional unit of a specific input while keeping all other inputs unchanged.

Average Product

The output per unit of input, for example, the quantity of goods produced per labor hour, indicating overall productivity.