Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point.
b.
c. the negative of the slope of the marginal productivity curve at the relevant point.
d. the slope of the chord connecting the origin with the relevant point on the total output curve.
d
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In financial markets, actual market prices sometimes diverge from the equilibrium price because
A) supply is often greater than demand. B) demand is often greater than supply. C) supply is equal to demand. D) of geographical and temporal fragmentation.
A typical concave (bowed out from the origin) production possibilities curve implies:
A. that economic resources are unlimited. B. that society must choose among various attainable combinations of goods. C. decreasing opportunity costs. D. that society is using a market system to allocate resources.