For a typical short-run production function, so long as marginal product is increasing, average product will be increasing as well
Indicate whether the statement is true or false
TRUE
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A firm uses workers and seed to grow lettuce. Its lettuce output rises from 100 tons to 200 tons when the number of workers increases from 25 to 75. Its production process shows
A. decreasing returns to scale. B. diminishing returns to labor. C. increasing long-run average cost. D. decreasing short-run average variable cost.
The income-expenditure model of real GDP determination is due to the work of
A) Adam Smith. B) J. B. Say. C) John Maynard Keynes. D) Roger Miller.
Between 1780 and 1805, five Northern states enacted emancipation laws. All of the following statements characterize these laws except:
a. The emancipation laws provided for freedom of newborn babies when they reached adulthood. b. The emancipation laws allowed owners to avoid freeing slaves by selling them to Southerners. c. The emancipation laws provided for government agencies that assisted newly-freed slaves. d. The emancipation laws indirectly compensated owners for the losses incurred by freeing slaves.
To display information on two variables, an economist must use
a. a bar graph. b. a pie chart. c. the coordinate system. d. a time-series graph.