Refer to Figure 11-2. The average product of labor declines after L2 because
A) the marginal product of labor is below the average product of labor.
B) the marginal product of labor is negative.
C) the marginal product of labor is falling.
D) the marginal product of labor is positive.
A
You might also like to view...
The debt-GDP ratio was lower in 1997 than it was during
A) the Civil War. B) World War I. C) World War II. D) all of the above.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price support program to achieve their goal. How much wheat must the government buy?
A. 10 billion bushels per year B. 4 billion bushels per year C. 6 billion bushels per year D. None
Appendix: Research suggests that an auction for a private value item will yield the HIGHEST payout if:
a. we use a Dutch auction b. we use an English auction c. we use only cash, and not allow credit cards d. use a fixed price
Specialization and exchange
a. generally leads to increased production of some goods at the cost of decreased production of other goods b. causes the production possibilities frontier to shift inward c. increases total production of every good only if the total amount of resources also increases d. alters the allocation of production among individuals or nations, but does not alter total production levels e. allows greater total production of every good without an increase in the total amount of resources