If the average product of labor equals the marginal product of labor, then
A) the average product of labor is at a maximum.
B) the marginal product of labor is at a maximum.
C) Both A and B above.
D) Neither A nor B above.
A
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The owners will shut down a perfectly competitive firm if the price of its good falls below its minimum
A) average total cost. B) average marginal cost. C) average variable cost. D) wage rate.
A permanent marginal tax decrease is likely to
A) shift the short-run aggregate supply curve to the left and the long-run aggregate supply curve to the right. B) shift both the short-run and the long-run aggregate supply curves to the left. C) shift the short-run aggregate supply curve to the right, and the long-run aggregate supply curve to the left. D) shift both the short run and the long run aggregate supply curves to the right.
In comparison to the case of a perfectly competitive home market, the welfare effects of a tariff under a home monopoly are _______, and the deadweight loss for the home monopoly is ________.
a. the same; the same b. higher; lower c. lower; higher d. lower; lower
If nominal GDP is $9,600 billion and the GDP deflator is 118.5, real GDP is
A. $10,852.7 billion. B. $6,586.7 billion. C. $3,657.0 billion. D. $8,101.3 billion.