Question : ____ is defined as the output per unit of variable input.
Option 1: Marginal product
Option 2: Production function
Option 3: Total product
Option 4: Average product
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Correct Answer: Average product
Solution : The correct answer is Average product .
It denotes the average amount of production generated by each additional unit of a variable input, such as labour or capital, while other inputs remain constant. For instance, if a business generates 100 units of output from ten units of variable input, the variable input's average product is ten units per unit of input. This indicates that each variable input unit yields an average of ten units of output.
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