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Managerial Economics · Quiz 1 · 25 Feb 2024 · January 2024 term

Managerial Economics Quiz 1 25 Feb 2024 — Question 4

Question 4

+1 markOne correct option

The marginal product of labour is defined as

  1. A

    a firm’s total output divided by total labour input

  2. B

    the extra output produced by employing one more unit of labour while allowing other inputs to vary

  3. C

    the extra output produced by employing one more unit of labour while holding other inputs constant

  4. D

    the extra output produced by employing one more unit of capital while holding labour input constant

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Correct answer

  • C

    the extra output produced by employing one more unit of labour while holding other inputs constant

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Question 4 of 19 in the IIT Madras BS Managerial Economics (Managerial Economics) Quiz 1 paper sat on 25 Feb 2024, in the January 2024 term (IIT M DEGREE AN2 EXAM QDB2 25 Feb 2024). It carries 1 mark.

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