Marginal product equals
A) the total product produced by a certain amount of labor.
B) the change in total product that results from a one-unit increase in the quantity of labor employed.
C) total product divided by the quantity of labor.
D) the amount of labor needed to produce an increase in production.
E) total product minus the quantity of labor.

Question

Quizplus · Accepted Answer

Marginal product represents the change in total output that results from a one-unit increase in the quantity of labor employed. It is calculated as the difference between the total product of employing L units and the total product of employing L-1 units.

Marginal Product Equals