If marginal product is greater than average product, then
A) average product must be decreasing.
B) marginal product must be decreasing.
C) marginal product must be increasing.
D) marginal product could either be increasing or decreasing.
Answer: D
Economics
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Assuming all else equal, if the labor demand curve shifts to the left and the labor supply curve remains unchanged, ________
A) equilibrium wage falls B) consumption falls C) unemployment rises D) equilibrium wage rises
Economics
Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 5 million tons of paper B) 3 million tons of steel C) 9 million tons of paper D) 19 million tons of steel
Economics