A firm's total product curve describes
A)the minimum cost of producing a given amount of output.
B)the maximum output that a given quantity of labour can produce.
C)how the maximum attainable output varies as the size of the firm's plant varies,given the quantity of labour employed.
D)how the management of the firm makes decisions over the short run.
E)how the amount of labour varies as the amount of output varies.

Question

Quizplus · Accepted Answer

The total product curve represents the maximum output that can be produced with a given quantity of labor, assuming other factors remain constant. It shows the relationship between the quantity of labor and the quantity of output.

A Firm's Total Product Curve Describes