Author Question: The marginal physical product of labor is defined as a. a firm's total output divided by total ... (Read 97 times)

rayancarla1 · **on:** Jul 1, 2018

The marginal physical product of labor is defined as
a. a firm's total output divided by total labor input.
b. the extra output produced by employing one more unit of labor while allowing other inputs to vary.
c. the extra output produced by employing one more unit of labor while holding other inputs constant.
d. the extra output produced by employing one more unit of capital while holding labor input constant.

Question 2

A production function measures how an individual maximizes utility.
a. a firm transforms output into input.
b. a firm transforms inputs into output.
c.
d. a firm minimizes cost.