The increment to output from a one-unit increase in the capital stock, holding all other factors of production constant, is called:Group of answer choicesdiminishing marginal productthe average revenue product of capitalthe marginal product of capitalthe average product of capital

The increase in output created by the addition of one more unit of input is called:A.marginal revenue product.B.marginal resource cost.C.marginal physical product.D.marginal revenue.E.marginal cost.

The change in total output divided by the change in input is known asGroup of answer choicesmarginal cost.specialization.marginal product.marginal profit.total product.

The increase in total revenue from the addition of one more unit of input is called:A.marginal resource cost.B.marginal physical product.C.marginal revenue.D.marginal revenue product.E.marginal cost.SUBMITarrow_backPREVIOUS

The extra revenue received by a firm from selling the output obtained from an extra unit of labour is called:Group of answer choicesthe average product of labourthe marginal revenue product of labourthe marginal product of labourdiminishing marginal product

Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that:Group of answer choicesThe marginal product of labour will rise and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will riseThe marginal product of labour will fall and the marginal product of capital will rise