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:

Debit

An accounting entry that increases an asset or expense account, or decreases an equity, liability, or revenue account.

Credit

An accounting entry representing an increase in assets or decrease in liabilities, and is also commonly used to refer to the provision of funds based on a trust agreement.

Transactions

The exchange of goods, services, or funds between two or more parties, forming the basis for recording in financial accounts.

Ledger

A comprehensive collection of a company's accounts, in which transactions are recorded from the journal and summarized, showing current balances.