Which of the following 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
Correct Answer:
Verified
Q24: If the extra output that is produced
Q26: As a rule,a profit-maximizing restaurant owner employs
Q27: The amount that an additional unit of
Q28: When labor is hired in a competitive
Q31: In terms of contribution to total U.S.
Q31: The value of the marginal product is
Q34: Using standard economic theory, Scientific Superconductors should
Q34: The marginal product times product price equals
Q37: Use the following to answer question:
Q40: The Bountiful Bakery is considering hiring another
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents