Multiple Choice
Total product is
A) the maximum output that a given quantity of labour can produce.
B) the increase in output that results from a one- unit increase in the quantity of labour employed with all other inputs remaining the same.
C) the maximum amount of output produced by a given quantity of labour divided by the given quantity of labour employed.
D) the maximum amount of amount of output produced by a given quantity of labour divided by price of the output.
Correct Answer:
Verified
Correct Answer:
Verified
Q43: The marginal product of labour is the<br>A)
Q44: The long run is a time frame
Q45: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -The average total
Q46: The marginal product of labour is equal
Q47: In a diagram with the total cost
Q49: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -In the above
Q50: Diminishing marginal returns to labour occur because<br>A)
Q51: Among the opportunity costs of a firm
Q52: When the total product curve is drawn
Q53: The average total cost curve<br>A) increases eventually