The Value of the Marginal Product Is Equal To

question 246

Multiple Choice

The value of the marginal product is equal to:

• A)marginal product times the wage rate.
• B)average product times the wage rate.
• C)marginal product times the price per unit of output.
• D)average product times the price per unit of output.

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Definitions:

Marginal Costs

The added financial burden of creating one more unit of a product or service.

Average Costs

The total cost of production divided by the quantity produced, often used to evaluate production efficiency.

Fixed Costs

Costs that remain constant regardless of the level of production or sales activities, such as rent, salaries, and insurance premiums.

Marginal Costs

Marginal costs represent the change in total production cost that arises when the quantity produced is incremented by one unit, essentially the cost of producing one additional unit of a good.