The diagram suggests that:
A. when marginal product is zero, total product is at a minimum.
B. when marginal product lies above average product, average product is rising.
C. when marginal product lies below average product, average product is rising.
D. when total product is at a maximum, so are marginal product and average product.
B. when marginal product lies above average product, average product is rising.
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Unemployment that occurs when there is deficient demand for the goods and services of an economy is called
A. structural unemployment. B. frictional unemployment. C. cyclical unemployment. D. natural unemployment.
In which market structure do firms consider the actions of their rivals when setting prices and output?
a. monopoly b. oligopoly c. perfect competition d. both monopoly and perfect competition e. monopolistic competition
The primary antitrust statute in the United States is the
A. Sherman Antitrust Act of 1890. B. NLRA of 1935. C. Federal Reserve Act of 1913. D. SEC Act of 1933.
In the exhibit below depicts the short run cost curves of a perfectly competitive firm. The shut down point is represented by the
a. intersection of MC and AFC b. Intersection of MC and AVC c. intersection of MC and ATC d. minimum point of MC