Question

What is the term that describes an increase in output added by the most recent unit of input?

a. marginal utility
b. marginal supply
c. marginal demand
d. marginal product of labor User: Goods and services intended for use by households are exchanged in
a. firms.
b. households.
c. input markets.
d. output markets.

Answer 1

The correct answer is d. marginal product of labor. In economics, the marginal product of labor (MPL) refers to the change in output that is the result after employing an added unit of labor.

Goods and services intended for use by households are exchanged in d. output markets.