The marginal product of any input into the production process:
A)is the increase in output that is generated by an additional unit of input.
B)is the decrease in input that is generated by an additional unit of output.
C)is the constant ratio of inputs to outputs.
D)None of these are correct.

Question

Quizplus · Accepted Answer

The marginal product of an input is defined as the additional amount of output that is produced by using one more unit of that input, while holding all other inputs constant. This concept is fundamental in the study of production and economics, highlighting how changes in input levels affect output levels.

The Marginal Product of Any Input into the Production Process