Which of the following is false?
a. The total product schedule shows the total amount of output generated as the level of the fixed input increases.
b. The marginal product of any single input is the change in total product resulting from a small change in the amount of that input used.
c. As the amount of a variable input is increased, the amount of other fixed inputs being held constant, a point ultimately will be reached beyond which marginal product will decline. This is called diminishing marginal product.
d. A firm never knowingly allows itself to reach the point where the marginal product becomes negative.
a
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In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G
Indicate whether the statement is true or false
Government in the United States spends more as a percentage of GDP than in most other industrialized nations
a. True b. False Indicate whether the statement is true or false