Which of the following is not correct?
A. Where marginal product is zero, total product is at a maximum.
B. Where marginal product is greater than average product, average product is rising.
C. Where total product is at a maximum, average product is also at a maximum.
D. Marginal product becomes negative before average product becomes negative.
Answer: C
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In which instance will total revenues decline?
A. price increases and demand is unit-elastic B. price increases and Ed equals -2.47 C. price increases and Ed equals -.41 D. price decreases and demand is elastic
The rate of unemployment is found by
A) dividing the number unemployed by the number of people in the labor force. B) dividing the number employed by the number of people in the labor force. C) dividing the number unemployed by the number employed. D) dividing the number employed by the number unemployed.
We know that a perfectly competitive firm is a price taker because
A) its MC curve slopes upward. B) its ATC curve is U-shaped. C) its demand curve is horizontal. D) MC and ATC are equal at the profit-maximizing amount of output. E) it has no supply curve.
One of the results of the knowledge economy
A) is that content matters. B) is that the information content of a good can be distinguished from the physical product. C) is that the information content of a good cannot be distinguished from the physical product. D) is that the physical features of the product has become more important.