Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
B) total amount of output produced.
C) total amount of output produced divided by the quantity of labor employed.
D) total amount of output produced divided by price of the output.
C
Economics
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Indicate whether the statement is true or false
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If a monopolistically competitive firm is producing at an output where marginal revenue is $111.11 and marginal cost is $118, then to maximize profits the firm should increase its output.
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