Assume a company is at a point in production where marginal product is below average product. Which of the following must be true?
A. Average product must be falling.
B. Marginal product must be falling.
C. Diminishing marginal product must have set it.
D. All of these are true.
Answer: D
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Catfish farming is a perfectly competitive industry. Catfish farmers suffered tremendous economic losses in the late 2000s. As a result,
A) some new catfish farmers entered the market. B) some catfish farmers exited the market. C) no catfish farmers entered or exited this market. D) the supply of catfish increased in 2010. E) new demanders entered the market after some firms had exited.
When demand is inelastic,
A. selling one more unit of output causes marginal revenue to increase. B. the percentage change in quantity demanded will exceed the percentage change in price (in absolute value). C. quantity sold does not increase when price decreases. D. buyers are not very responsive to changes in the price of the product. E. selling one more unit of output cause total revenue to increase.
Free trade is ________, because it ________ the size of the pie available to the economy.
A. efficient; increases B. inefficient; increases C. efficient; decreases D. inefficient; decreases
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