A firm's total output divided by the amount of input used to produce it is the ________ of the input.
A) cost
B) supply
C) average product
D) marginal product
E) combined product

Question

Quizplus · Accepted Answer

The definition given in the question describes average product, which is the total output produced per unit of input. Cost refers to the amount paid for inputs or the expenses incurred in producing output. Supply refers to the quantity of a good or service that a firm is willing and able to produce at different prices. Marginal product refers to the added output produced by using an additional unit of input. Combined product is not a recognized economic term.

A Firm's Total Output Divided by the Amount of Input