Identify the truthfulness of the following statements. I. When the marginal product of labor is falling, the average product of labor is falling.
II) When the marginal product curve lies above the average product curve, then average product is rising.
A) Both I and II are true.
B) Both I and II are false.
C) I is true; II is false.
D) I is false; II is true.
Correct Answer:
Verified
Q5: A labor requirements function represents:
A)the set of
Q7: The production set represents:
A)the set of all
Q10: The production function represents:
A)the quantity of inputs
Q14: The average productivity of the fifth worker
Q15: Given the simple production function Q =
Q15: Factors of production are:
A)inputs and outputs.
B)outputs only
C)inputs
Q17: When labor is the only input to
Q17: Marginal productivity is maximized with the _
Q20: Identify the truthfulness of the following statements.
Q23: Total product hill is:
A)A single line graph
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