The average productivity of labor reaches its maximum:
a. at the point of inflection of the total product curve.
b. where the slope of the total product curve is steepest.
c. where the slope of the total product curve is zero.
d. where marginal and average productivity are equal.
d
You might also like to view...
How would the following events affect the market demand for laser printers?
a) A recession in the economy leading to a fall in income levels b) A five-fold increase in the price of printing paper
The above table shows Homer's utility from boxes of doughnuts. As Homer's consumption of doughnuts increases, his
A) marginal utility is positive and increasing. B) marginal utility is positive but decreasing. C) marginal utility is negative but increasing. D) marginal utility is negative and decreasing.
Economics is a part of the
A) social sciences. B) natural sciences. C) biological sciences. D) organizational sciences.
Consumer surplus arises in a market because:
A. At the current market price, quantity supplied is greater than quantity demanded B. At the current market price, quantity demanded is greater than quantity supplied C. The market price is below what some consumers are willing to pay for the product D. The market price is higher than what some consumers are willing to pay for the product