Based on the above figure of the costs at Barney's Bagel Bakery, at which of the following levels of output does the marginal product of labor equal the average product of labor?
A) at 500 bagels
B) at 2000 bagels
C) at 3000 bagels
D) None of the above because the marginal and average products of labor can never be equal.
B
You might also like to view...
A corrective tax can improve upon the misallocation of resources resulting from an externality _____
a. only if the externality is positive b. only if it is easy to quantify the external damage c. transactions costs are low d. transactions costs are zero
Which of the following is NOT a characteristic of a market in equilibrium?
A. Neither buyers nor sellers want the price to change. B. Sellers can sell as many units as they want at the equilibrium price. C. There is neither excess supply nor excess demand. D. Buyers can buy as many units as they want at the equilibrium price.
Which of the following is responsible for providing currency and cash to banks?
A. The Legislative Branch of government. B. Comptroller of the Currency. C. The Federal Reserve System. D. The U.S. Treasury.
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the value added of DeLux Popcorn Co.?
A. $2.00 B. $1.50 C. $0.50 D. $2.50