Marginal product is defined as the change in ________ resulting from a one-unit increase in ________.
A. total product; input
B. total product; output
C. output; total product
D. total cost; output
Answer: A
You might also like to view...
Information that returns to the system is known as:
a. Genomes b. E-innovation c. Listening d. Feedback
Under the _____ arrangement, the exchange rate is adjusted periodically by small amounts at a fixed, pre-announced rate or in response to certain indicators
a. currency board b. crawling peg c. reserve currency d. conventional fixed peg e. independent float
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits, the firm ________ of $23.
A. has an average fixed cost B. should set a price C. has an average total cost D. earns a per-unit profit
Because marginal cost is always ________ in the short run, total variable cost always ________ when output decreases.
A. positive; increases B. negative; increases C. negative; decreases D. positive; decreases