Which of the following statement is correct?
A) When Marginal Product is greater than Average Product, Average Product is increasing.
B) When Marginal Product is greater than Average Product, Average Product is decreasing.
C) When Marginal Product is greater than Average Product, Average Product is equal to Total Product.
D) When Marginal Product is greater than Average Product, Total Product is increasing at a decreasing rate.
Answer: A
You might also like to view...
In a competitive market, the actions of any single buyer or seller will
a. discourage entry by competitors. b. influence the profits of other firms in the market. c. have a negligible impact on the market price. d. None of the above is correct.
In the Yap civilization of the South Pacific prior to 1920, large, heavy stones in the shape of a wheel were used as money. Which function of money was probably least served by this form of money?
A) medium of exchange B) store of value C) unit of account D) store of wealth