The total output of a business divided by the number of labor units employed gives the _____ product of labor.Multiple choice question.marginalmedianaverage

Firm's price multiplied by Quantity of output produced gives __.Multiple choice question.marginal revenuetotal revenueaverage revenuetotal profits

Marginal product is the:Multiple choice question.total output produced as a result of utilizing one more unit of a variable resource.total output produced as a result of utilizing one more unit of a fixed resource.additional output produced as a result of utilizing one more unit of a fixed resource.additional output produced as a result of utilizing one more unit of a variable resource.

Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker isGroup of answer choices132 units of output.122 units of output.8 units of output.10 units of output.

Multiple Choice QuestionThe decreasing marginal product from the addition of one additional unit of labor is due to which of the following?Multiple choice question.The law of diminishing marginal utilityThe law of diminishing returnsThe law of supplyThe law of demand

Multiple Choice QuestionWhat is marginal resource cost?Multiple choice question.The change in a firm's total revenue when it employs one additional unit of a resource.The change in quantity demanded of a resource that results from a change in its relative cost.The additional output produced when one additional unit of a resource is employed.The amount that each additional unit of a resource adds to the firm's total resource cost.