Average Productivity of Labor Is Measured as the Additional Output

question 50

True/False

Average productivity of labor is measured as the additional output produced by an additional worker.

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Definitions:

Public Good

A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.

Marginal Benefit

The incremental utility or satisfaction derived from the consumption or production of an additional good or service unit.

Marginal Cost

The increment in comprehensive expenses related to the generation of an extra unit of a good or service.

Total Benefit

The entire satisfaction or value derived from consuming a good or service.