Marginal Value in Economics: Definition & Theorem

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ is a term that means additional value.

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1. If a firm is experiencing the Law of Diminishing Marginal Returns, the firm should

2. Typically large companies are more likely to hire an employee that adds a

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About This Quiz & Worksheet

This quiz/worksheet combo will test your knowledge of marginal value and its role in economics.

Quiz & Worksheet Goals

In these assessments, you will be quizzed on various topics about marginal value that include:

  • How to reference marginal value
  • Calculating the marginal value
  • What reduces the marginal value
  • The differences between GUT and GUD

Skills Practiced

  • Information recall - access the knowledge you've gained regarding how to describe marginal value in different terms
  • Knowledge application use your knowledge to answer questions about the various ways to determine the marginal value of a product
  • Interpreting information - verify that you can read information regarding factors that can decrease the marginal value of an object and interpret it correctly.
  • Distinguishing differences - compare and contrast topics from the lesson, such as GUT and GUD

Additional Learning

To further your understanding of marginal value, review the lesson called Marginal Value in Economics: Definition & Theorem. The lesson will cover the following areas:

  • The definition of marginal value
  • Significance of marginal value on an object
  • Meaning of marginal value theorem (MVT)
  • Assumptions of the MVT
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