When the marginal and average products of labor are equal to each other, the
A) average product must be at its maximum value.
B) marginal product must be at its maximum value.
C) total product must be at its maximum value.
D) None of the above answers is correct
A
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If the marginal tax rate is 20%, by how much must income have increased if your tax bill increases by $300?
A. $1,500 B. $300 C. $1,000 D. Cannot be determined
Assuming all other things equal, what would happen to the U.S. dollar real exchange rate under each of the following circumstances?
a. The U.S. nominal exchange rate depreciates. b. U.S. domestic prices increase. c. Prices in the rest of the world rise.
The "yardstick" people use to post prices and record debts is called
a. a medium of exchange. b. a unit of account. c. a store of value. d. liquidity.
The government has a budget surplus if
A) its total revenues are equal to its total expenditures. B) its total revenues are less than its total expenditures. C) its total revenues are greater than its total expenditures. D) the money supply is less than total expenditures.