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QUESTION 9 The marginal product of a factor of production O is equal to the amount of additional output that can be produced with one
QUESTION 9 The marginal product of a factor of production O 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. is equal to the ratio of the amount of that factor of production to the amount of output produced. O is equal to the amount of additional output that can be produced with one additional unit of each factor input. always exceeds the average product of that factor input, holding constant the quantities of the other factor inputs. QUESTION 10 The substitution effect measures O the responses of quantities to changes in the relative prices of goods. the responses of relative prices to changes in the demand for goods. how two goods can be used for the same purpose. the responses of quantities to changes in the relative qualities of goods
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