Geometrically, the average product
A. at any point is the slope of the total product curve at that point.
B. is the slope of the line joining the origin to the specified point on the total product curve.
C. is that point at which the total product curve exhibits diminishing returns.
D. falls at low levels of input use and rises at high levels of input use.
Answer: B
You might also like to view...
When the domestic money prices of goods are held constant
A) a nominal dollar appreciation makes U.S. goods cheaper compared with foreign goods. B) a nominal dollar depreciation makes U.S. goods less appealing in foreign markets. C) a nominal dollar appreciation does not affect the prices of U.S. goods. D) a nominal dollar depreciation makes U.S. goods more expensive compared with foreign goods. E) a nominal dollar depreciation makes U.S. goods cheaper compared with foreign goods and a nominal dollar appreciation makes U.S. goods more expensive compared with foreign goods.
Why shouldn’t Japan make its main production sector agriculture?
What will be an ideal response?
In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
If the least wealthy person in a society has millions of dollars, should we still consider that person poor?
What will be an ideal response?