Multiple Choice
Figure 11-3
Fancy Footwear manufactures shoes. Figure 11-3 shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run.
-Refer to Figure 11-3.Which of the following statements correctly describes the curves in the figure?
A) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
B) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A.
C) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve.
D) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve.
Correct Answer:
Verified
Correct Answer:
Verified
Q197: Table 11-7<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 11-7
Q198: Which of the following statements is true?<br>A)As
Q199: Average total cost is equal to average
Q200: Marginal cost is the<br>A)change in average cost
Q201: If a producer is not able to
Q204: If fixed costs do not change, then
Q205: Figure 11-13<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 11-13
Q206: If the marginal cost curve is below
Q207: When a firm produces 50,000 units of
Q342: If the average variable cost curve is