If the marginal product of labor is constant for all levels of output, then the average product of labor
A) is constant.
B) equals the marginal product of labor.
C) Both A and B above.
D) Either A or B above but not both.
C
Economics
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The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years.
Refer to the above table. Between Year 2 and Year 3, real GDP increased by:
A. 2 percent
B. 5 percent
C. 10 percent
D. 15 percent
Economics
As one moves down a straight-line, down-sloping demand curve, price elasticity will:
A. change from elastic, to unit elastic, then to inelastic. B. remain the same between any two points. C. change from inelastic, to elastic, then to unit elastic. D. change from unit elastic, to elastic, then to inelastic.
Economics