The average product of labor increases as output increases if _______
A. marginal product exceeds average product
B. average product exceeds marginal product
C. total product increases
D. marginal product increases
A The relationship between average and marginal product im-plies that the average product of labor increases when the marginal product of labor exceeds the average product of labor.
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If the price elasticity of demand for a good equals one, then the demand for that good is:
A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.
Using the ISLM model, show graphically and explain the effects of a monetary contraction. What is the effect on the equilibrium interest rate and level of output?
What will be an ideal response?
If firms in a competitive price-searcher market are incurring economic losses, which of the following scenarios would best describe the change existing firms (who are able to stay in the market) would face as the market adjusts to long-run equilibrium?
a. An increase in demand for each firm and lower prices. b. A decrease in demand for each firm and lower prices. c. An increase in demand for each firm and higher prices. d. A decrease in demand for each firm and higher prices.
The majority of union members in the United States belong to unions that are:
A. affiliated with the United Workers of America (UWA). B. affiliated with the AFL-CIO. C. independent unions that are not affiliated with the AFL-CIO. D. growing rapidly in membership.