The total output of a business divided by the number of labor units employed gives the _____ product of labor.Multiple choice question.marginalmedianaverage
Question
The total output of a business divided by the number of labor units employed gives the _____ product of labor.
Multiple choice question:
- marginal
- median
- average
Solution
The correct answer is average.
To explain, the average product of labor (APL) is calculated by dividing the total output produced by the number of labor units employed. This metric helps businesses assess the productivity of their workforce, giving insights into how much output is generated on average by each unit of labor. The other options, marginal and median, refer to different concepts in economics. Marginal product of labor focuses on the additional output generated by employing one more unit of labor, while median does not apply in this context. Hence, the term you are looking for is average product of labor.
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