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What is the total product of a factor?
  • a)
    The amount of total output produced by all factors
  • b)
    The amount of total output produced by a single factor, with all other factors held constant
  • c)
    The amount of total output produced by a single factor, with other factors varying
  • d)
    The amount of total output produced by a single factor, with fixed factors increasing
Correct answer is option 'B'. Can you explain this answer?
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What is the total product of a factor?a)The amount of total output pro...
The total product of a factor is the amount of total output produced by a single factor, with all other factors held constant.
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What is the total product of a factor?a)The amount of total output produced by all factorsb)The amount of total output produced by a single factor, with all other factors held constantc)The amount of total output produced by a single factor, with other factors varyingd)The amount of total output produced by a single factor, with fixed factors increasingCorrect answer is option 'B'. Can you explain this answer?
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