Using the above table, when Jefferson's Cleaners hires three workers
A) the average product of labor is greater than the marginal product.
B) the marginal product of labor is greater than the average product.
C) it has already experienced diminishing marginal returns.
D) Both answers A and C are correct.
B
Economics
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Market failure occurs when a market fails to maximize net social welfare
a. True b. False Indicate whether the statement is true or false
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Which of the following is vertical?
a. both the long-run Phillips curve and the long-run aggregate supply curve b. neither the long-run Phillips curve nor the long-run aggregate supply curve c. the long-run Phillips curve, but not the long-run aggregate supply curve d. the long-run Phillips curve, but not the long-run aggregate supply curve
Economics