The marginal product of a factor of production
A)is equal to the ratio of the amount that factor of production to the amount of output produced.
B)is equal to the amount of additional output that can be produced with one additional unit of each factor input.
C)is equal to the amount of additional output that can be produced with one additional unit of that factor input, holding constant the quantities of the other factor inputs.
D)is equal to the additional output that can be produced with an additional change in total factor productivity.
E)always exceeds the average product of that factor input, holding constant the quantities of the other factor inputs.

Question

Quizplus · Accepted Answer

The marginal product of a factor of production is the amount of additional output that can be produced with one additional unit of that factor input, holding constant the quantities of the other factor inputs. This means it measures the impact of an incremental change in the quantity of a specific input on the amount of output produced, while keeping all other inputs constant.

The Marginal Product of a Factor of Production