If marginal product is greater than average product, then
A. marginal product must be decreasing.
B. marginal product must be increasing.
C. average product must be decreasing.
D. marginal product could either be increasing or decreasing.
Answer: D
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Deflation:
a. was prevalent during the oil shocks of the 1970s. b. will cause consumers' purchasing power to shrink. c. has been persistent in the U.S. economy since the Great Depression. d. none of these.
The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment
a. True b. False Indicate whether the statement is true or false
Which of the following is true if a firm has indivisible inputs?
A. The long-run average cost curve is downward sloping at lower levels of output. B. The long-run fixed cost curve is downward sloping at lower levels of output. C. The long-run total cost curve is downward sloping at lower levels of output. D. The long-run marginal cost curve is downward sloping at lower levels of output.
The term market refers to the:
A. location where buyers go to fulfill their wants and needs. B. physical or virtual place of exchange. C. physical location where buyers and sellers meet to exchange goods for money. D. buyers and sellers who trade a particular good or service, not to a physical location.