The Change in Total Output Attributable to the Last Unit

question 23

Multiple Choice

The change in total output attributable to the last unit of an input is the:

• A) total product.
• B) average product.
• C) marginal product.
• D) marginal return.

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Definitions:

Expenditure

The total amount of money spent by individuals, firms, or the government on goods and services.

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, focusing on aggregate phenomena such as inflation, national income, and unemployment.

Intermediate Goods

Products used in the production process of final goods but not part of the final product.

Final Goods

Products that have completed the production process and are ready for sale to the end consumer, not to be further processed or resold.