If the average product of labor equals 4 at all levels of output, the marginal product of labor is also equal to 4 at all levels of output.
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Q1: At zero units of output, a firm's
Q2: When the total product is at its
Q3: If a firm produces zero output in
Q4: In the long run, a firm can
Q5: Economic profit is found by subtracting accounting
Q7: Over the range of positive, but diminishing,
Q8: Minimum efficient scale varies by industry.
Q9: Economic profits are usually larger than accounting
Q10: The short run is a period of
Q11: The real opportunity cost of producing product
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