Figure: The Total Product
(Figure: The Total Product) Look at the figure The Total Product.After hiring L2 labor and producing at point B on the total product curve, hiring more labor beyond L2 would result in which of the following statements being true of the total product curve?
A) The marginal product of labor is rising.
B) The marginal product of labor is negative.
C) The total product is negative.
D) The total product is zero.
Correct Answer:
Verified
Q8: A fixed input is one:
A) that exists
Q16: An input whose quantity cannot be changed
Q17: The long run is a planning period:
A)over
Q18: Diminishing returns to an input occur:
A)when all
Q19: The idea of diminishing returns to an
Q22: Figure: The Total Product Q23: Figure: The Total Product Q24: Figure: The Total Product Q26: Diminishing marginal returns occur when: Q34: The marginal product of labor is: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)each additional unit
A) the