Marginal product of labour is the increase in total product that results from a:
A) one-unit increase in the quantity of fixed inputs employed, holding the quantity of the variable inputs constant.
B) 1 percent change in the quantity of labour and the quantity of capital employed.
C) change in the cost of labour.
D) one-unit increase in both the quantity of variable and fixed inputs.
E) one-unit increase in the quantity of labour employed, other inputs remaining the same.
Factors of Production:
The term factors of production refer to those valuable inputs that help to produce the final product/service for the market. These inputs are- land, labor, capital, and entrepreneurship.
Answer and Explanation: 1
- The correct option is E. One-unit increase in the quantity of labor employed, other inputs remaining the same.
The marginal product of labor in the...
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 3 / Lesson 49
Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.