Asked by David Minyety on Jul 04, 2024
Verified
Marginal product is
A) the output of the least skilled worker.
B) a worker's output multiplied by the price at which each unit can be sold.
C) the amount an additional worker adds to the firm's total output.
D) the amount any given worker contributes to the firm's total revenue.
Marginal Product
The increase in output that is produced by adding one more unit of a particular input while holding all other inputs constant.
Total Output
The complete amount of goods or services produced by an economy, sector, or organization over a certain period.
Least Skilled Worker
An employee who possesses the minimal skills required for a job, often receiving the lowest wages.
- Know the concept and importance of marginal product (MP) and marginal revenue product (MRP) in resource employment.
Verified Answer
Learning Objectives
- Know the concept and importance of marginal product (MP) and marginal revenue product (MRP) in resource employment.
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