In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals and average labor productivity equals .

A. $30,000; $30,000
B. $24,000; $24,000
C. $30,000; $24,000
D. $24,000; $30,000

Answer: D

Economics

When long-run average costs decrease as output increases, there are

A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.

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Economics

Increases in population shift the market supply curve for labor to the right

Indicate whether the statement is true or false

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Economics

In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.