Which of the following statements is true of the marginal product of an input?
A) The marginal product of an input is given by the ratio of the firm's total output to the units of the input used.
B) The marginal product of an input increases as more and more inputs are used.
C) The marginal product of an input can take negative values.
D) The marginal product of the first unit of a variable input is zero.
C
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The statement "The income tax is unfair to those who work hard to earn their incomes" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
If a firm's average total costs fall as it produces a larger output,
a. average variable cost must also decline as output expands. b. marginal cost must also decline as output expands. c. average fixed cost must be less than average variable costs. d. marginal cost must be less than average total cost.