Asked by
Pranjali Ramtekkar
on Oct 27, 2024
Verified
The _____ is the increase in output that is produced when a firm hires an additional worker.
A) average product
B) total product
C) marginal product
D) marginal cost
Marginal Product
The increase in output that results from employing one additional unit of a factor of production, while holding other factors constant.
Additional Worker
An employee hired to increase the workforce, contributing to higher production or service capacity.
- Achieve a comprehensive understanding of the principles of marginal and total product in production.
Verified Answer
AC
Learning Objectives
- Achieve a comprehensive understanding of the principles of marginal and total product in production.
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