When an input's average product exceeds its marginal product, average product is increasing.
Correct Answer:
Verified
Q64: All inputs are variable in the long
Q65: All inputs are fixed in the short
Q66: Output elasticity is equal to the marginal
Q67: The law of diminishing returns is a
Q68: The average product and the marginal product
Q70: The law of diminishing returns holds that
Q71: Stage II of production begins at a
Q72: In general, a firm should continue to
Q73: The marginal resource cost of an input
Q74: The marginal rate of technical substitution measures
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