An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados
The average product of the six workers will now be
A) equal to 120 pounds. B) greater than the marginal product of labor.
C) more than 120 pounds. D) less than 120 pounds.
C
You might also like to view...
Examining the conditions that could lead to inflation in an economy is an example of a microeconomics topic
Indicate whether the statement is true or false
The point at which real GDP reaches a maximum during a business cycle is called the:
a. peak. b. recession. c. recovery. d. trough.
With the technological developments in the twenty-first century, productivity growth is no longer an important factor in economic well-being.
Answer the following statement true (T) or false (F)
Government programs such as Medicare substantially subsidize health care purchases by some consumers in the U.S. economy. Who benefits from these subsidies? How do they affect the price of health care? If you are not a recipient of this program, are you made better or worse off by the subsidy? Explain