Marginal product of a factor is
A) The additional product received by the firm due to the employment of an additional unit of a variable factor
B) Addition to the total product when one more unit of a factor is employed
C) The rate of change in the total product per unit change in the variable factor.
D) All of the above
Correct Answer:
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Q1: The subject matter of economics is concerned
Q2: The wants of the people are
A)Limited
B)Satiable
C)Unlimited
D)All of
Q3: Which one of the following is an
Q4: Production is said to be efficient when:
A)The
Q5: Economics is a social science because
A)The central
Q7: Production function expresses
A)The relationship between input and
Q8: At the 'point of inflection'
A)MP is maximum
B)AP
Q9: Economies of scale refers to:
A)Advantages resulting from
Q10: The law of Diminishing returns is applicable
Q11: Let a firm employs 5 labourers and
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