The slope of the total product curve is the
A) average product.
B) slope of a line from the origin to the point.
C) marginal product.
D) marginal rate of technical substitution.
C
You might also like to view...
Suppose there is a 3 percent increase in the nominal wages of workers in an economy. The annual rate of inflation in the economy is about 6 percent. Which of the following is true in this case? a. Real wages would fall by about 3 percent
b. Real wages would increase by about 20 percent. c. Real wages would fall by about 25 percent. d. Real wages would increase by about 50 percent. e. Real wages would increase by about 10 percent.
Intermediate goods are not included in GDP because:
A. certain goods that are used in the production of a final good would be counted twice. B. the value of goods bought by producers to make something else would be counted twice. C. the value of goods used by firms to make the goods they sell is included in the firm's product; accounting for the value twice would overestimate GDP. D. All of these statements are true