The amount of output a firm can produce with a given quantity of fixed and variable inputs is...
Question:
The amount of output a firm can produce with a given quantity of fixed and variable inputs is called:
A) Total fixed product.
B) Average variable product.
C) Marginal product.
D) Total product.
Product:
A product is described as a thing or object manufactured by the companies to produce profit by selling it into the marketplace to their target customers. It can be considered intangible or tangle. Products are distinguished by their brand name and category.
Answer and Explanation: 1
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View this answerThe correct option is: D) Total product.
Explanation:
The total product is described as one of the concepts of economics. It is described as an...
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Total Product, Average Product & Marginal Product in Economics
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Chapter 4 / Lesson 2
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In Economics, there are three factors involved in the theory of production: total product, average product, and marginal product. Explore this theory and learn how to maximize the efficiency of these production tools.
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