If marginal product is decreasing what can we say about what is happening to average product? Explain
What will be an ideal response?
You can't actually say anything about it. If marginal product is above average product but still decreasing it will bring the average product up. If marginal product is below average product it will bring average product down.
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A very large number of small sellers who sell identical products imply
A) the inability of one seller to influence price. B) a multitude of vastly different selling prices. C) a downward sloping demand curve for each seller's product. D) chaos in the market.
A person who is out of work, available for work, but not seeking work is
a. counted as unemployed. b. part of the labor force. c. a discouraged worker. d. a fictionally unemployed person.
Give an example of someone who works in a noncompeting labor market. Explain your choice
The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is
A. perfect competition. B. monopolistic competition. C. monopoly. D. oligopoly.