Production Progress You are on question 2 of 12 Choose ALL t

Production Progress You are on question 2 of 12 Choose ALL that apply. Alof the things usedin he process f produton are caled Outputs ? Factors of production ? Inputs Previous Next

Solution

All the things used in the production process is called inputs.there are mainly four inputs, labor, capital, raw materials and entrepreneur.

Marginal product is additional output produced when a firm adds additional workers to the production process.

when marginal product of labor is greater than the average product, average product is increasing. and when marginal product is below the average product, average product is decreased.