At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how much labor is employed. This implies that
A) there are no fixed costs.
B) this firm can never maximize its profits.
C) the marginal product of labor is constant.
D) labor exhibits diminishing marginal returns.
Correct Answer:
Verified
Q169: Use the following data to answer the
Q170: The total product curve graphically shows how
Q171: Over the range of positive, but diminishing,
Q172: Marginal product of labor refers to the
A)last
Q173: The question is based on the following
Q175: The law of diminishing returns only applies
Q176: When the total product curve is falling,
Q177: At what point does marginal product equal
Q178: Use the following data to answer the
Q179: The law of diminishing returns in a
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