Which of the following statements correctly describes the curves in the figure?
A) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve.
B) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve.
C) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A.
D) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
C
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An increase in demand, holding supply constant, will tend to cause:
a. Lower prices and a smaller quantity sold b. Lower prices and a larger quantity sold c. Higher prices and a larger quantity sold d. Higher prices and a smaller quantity sold
As a measure of inflation, the principal advantage of the consumer price index over the implicit GDP deflator is that the consumer price index
What will be an ideal response?