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
You might also like to view...
Explain what increases in the price of oil have done to the exploration and extraction of oil from more costly sources of oil. What are some of these more costly sources of oil, and what happens to the quantity of proven oil reserves?
What will be an ideal response?
An investment opportunity has two possible outcomes, and the value of the investment opportunity is $250. One outcome yields a $100 payoff and has a probability of 0.25. What is the probability of the other outcome?
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1.0