The amount of output a firm can produce with a given quantity of fixed and variable inputs is called:
A)total product.
B)average variable product.
C)marginal product.
D)total fixed product.

Question

Quizplus · Accepted Answer

Total product refers to the total amount of output a firm can produce with a given quantity of fixed and variable inputs. It includes both the variable and fixed inputs and is thus the best choice for the given question. Average variable product (B) only takes into account the variable input, while marginal product (C) only measures the additional output produced by adding one more unit of input. Total fixed product (D) is not a relevant concept as fixed inputs do not directly affect the output produced.

The Amount of Output a Firm Can Produce with a Given