Asked by David Minyety on Jul 04, 2024

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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.
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LM
Liberty MachaconJul 10, 2024
Final Answer :
C
Explanation :
Marginal product refers to the additional output generated by employing one more unit of a factor of production, such as a worker, which is why option C is correct. It does not directly relate to the skill level of a worker, the multiplication of output by price, or the contribution to total revenue, which are described in the other options.