Which one of these is false when compared to the relationship between marginal and average product?
A) When average product is increasing in labor, marginal product is greater than average product. That is, if increases in , then .
B) When average product is decreasing in labor, marginal product is less than average product. That is, if decreases in , then .
C) The relationship between and is not the same as the relationship between the marginal of anything and the average of anything.
D) When average product neither increases nor decreases in labor because we are at a point at which is at a maximum, then marginal product is equal to average product.
Correct Answer:
Verified
Q6: Suppose a production function has only one
Q7: The production set represents:
A)the set of all
Q8: Q9: Q10: The production function represents: Q12: For a simple graph of a production Q13: Q14: If marginal product is greater than average Q15: Factors of production are: Q16: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)the quantity of inputs
A)inputs and outputs.
B)outputs only
C)inputs