WAEC Economics 2015 Objective — Question 18
Question 18 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to
- A. average product
- B. total productCorrect
- C. average variable cost
- D. total cost
Explanation
Summing the marginal products at each level of a variable input gives the total product.
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