Marginal product is defined as
a. the increase in revenue that occurs when an additional unit of a resource is added
b. the increase in output that occurs when all resources are increased by the same proportion
c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant
d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount
e. the amount of additional money needed to increase output by one unit when all resources are held constant
Question 2
The additional output obtained by adding another unit of labor to the production process is called
a. the marginal cost of labor
b. the average output of labor
c. a variable cost
d. the marginal product of labor
e. the marginal utility of labor
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