The marginal product of any input into the production process is the:

A. constant ratio of inputs to outputs.
B. increase in output that is generated by an additional unit of input.
C. ratio total output divided by total quantity.
D. decrease in input that is generated by an additional unit of output.


Answer: B

Economics

You might also like to view...

An increase in unearned income always creates a disincentive to work

Indicate whether the statement is true or false

Economics

An asset's specificity can be measured in terms of the percentage of its cost that can be recovered if it is redeployed into its next most valuable use

Indicate whether the statement is true or false

Economics

Related to the Economics in Practice on p. 476: According to the "paradox of thrift," decreased efforts to save will cause a(n)

A. decrease in income but an increase in saving. B. decrease in income and an overall decrease in saving. C. increase in income but no overall change in saving. D. increase in income and an increase in overall saving.

Economics

The higher the rate of unemployment:

A.  The larger is the GDP gap B.  The smaller is the GDP gap C.  The higher is the level of actual GDP D.  The lower is the level of potential GDP

Economics