A. average product
B. total product
C. average variable cost
D. total cost
Correct Answer: Option B
B. total product
Explanation
Total product is the overall quantity of output that a firm produces, usually specified in relation to a variable input. Total product is the starting point for the analysis of short-run production. It indicates how much output a firm can produce according to the law of diminishing marginal returns.
Marginal Product (MP) = Change in Total Product / Change in Variable Factor
Total Product (TP) = AP X Variable Factor
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