Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. What is the firm's average product when three workers are hired?
A) 18 units of output.
B) 36 units of output.
C) 42units of output.
D) 21units of output.
Correct Answer:
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Q153: Answer the question on the basis of
Q154: Answer the question on the basis of
Q155: Q156: If in the short run a firm's Q157: The law of diminishing returns describes the Q159: Which of the following is correct? Q160: Marginal product Q161: According to the law of diminishing marginal Q162: When a bakery manager reports that at Q163: When total product is increasing at a
A)relationship
A)When total
A)diminishes at all levels of production.
B)may
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