Asked by
Himanshu Sonar
on Oct 26, 2024
Verified
The marginal product times product price equals the:
A) marginal revenue.
B) value of the marginal product.
C) additional revenue product.
D) marginal cost.
Marginal Product
Marginal product is the addition to total output produced by using one more unit of a specific input, holding all other inputs constant.
Marginal Revenue
The change in total revenue generated by an additional unit of output.
Marginal Cost
The growth in aggregate costs linked to creating an extra unit of a product or service.
- Familiarize oneself with the connection between the marginal product's price, its value, and the marginal product.
Verified Answer
AM
Learning Objectives
- Familiarize oneself with the connection between the marginal product's price, its value, and the marginal product.