The output of an extra unit of an input is referred to as________
ECONOMICS
WAEC 2021
The output of an extra unit of an input is referred to as________
- A. Output of the input.
- B. Marginal product of the input
- C. Average product of the input
- D. Utility of the input employed
Correct Answer: B. Marginal product of the input
Explanation
The marginal product of an input is the extra output that results from adding one unit of the input to the existing combination of productive factors.
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