Asked by
Shivani Singh
on Nov 16, 2024
Verified
The quantity available of one factor of production can affect the marginal product of other factors.
Marginal Product
The additional output resulting from the use of one more unit of a variable input, holding all other inputs constant.
Factor of Production
An input used in the manufacturing of goods or services, typically categorized into land, labor, capital, and entrepreneurship.
- Identify the factors of production and their impact on marginal product.
Verified Answer
RO
Learning Objectives
- Identify the factors of production and their impact on marginal product.