Which Expression BEST Describes the Value of the Marginal Product

question 120

Multiple Choice

Which expression BEST describes the value of the marginal product?

• A)the change in total output generated by a unit change in the quantity of a factor
• B)the change in total revenue generated by a unit change in the quantity of a factor
• C)the change in marginal cost generated by a unit change in the quantity of a factor
• D)the ratio of total revenue to the quantity of a factor employed

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Definitions:

Interlocking Directorates

The practice of having the same individuals serve on the boards of directors of multiple companies, potentially influencing competitive practices.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed in 1890 to preserve free and unfettered competition as the rule of trade.

U.S. Justice Department

The federal executive department responsible for enforcing the laws of the United States and administering justice.

Federal Trade Commission

A U.S. federal agency established in 1914 to promote consumer protection and the elimination and prevention of anticompetitive business practices.