The average product of labor is equal to
A. change in total product divided by quantity of labor.
B. change in total product divided by change in quantity of labor.
C. total product divided by quantity of labor.
D. total product divided by change in quantity of labor.
Answer: C
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The law of one price holds exactly only if there are transactions costs associated with buying a product in one location and selling it in another location
Indicate whether the statement is true or false
If an industry is characterized by economies of scale:
A) barriers to entry are usually not very large. B) long-run average costs of production increase as the quantity the firm produces increases. C) capital requirements are small due to the efficiency of the large-scale operations. D) the costs of entry into the market are likely to be substantial.