The marginal product of any input is the
A)increase in total cost associated with a one-unit increase in production.
B)change in total output associated with a $1.00 increase in total cost.
C)increase in total cost resulting from the hiring of an additional worker.
D)increase in total output obtained from one additional unit of that input.

Question

Quizplus · Accepted Answer

The definition of marginal product is the additional output produced by adding one more unit of an input while holding all other inputs constant. Therefore, the correct answer is D, which is the increase in total output obtained from one additional unit of that input. A, B, and C do not accurately reflect the definition of marginal product.

The Marginal Product of Any Input Is the