Total product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
B) maximum output that a given quantity of labor can produce.
C) maximum amount of output produced by a given quantity of labor divided by the given quantity of labor employed.
D) maximum amount of amount of output produced by a given quantity of labor divided by price of the output.
Correct Answer:
Verified
Q24: A firm's total product curve shows
A) that
Q25: Which of the following factors is fixed
Q26: All the production points that lie _
Q27: The marginal product of labor is the
A)
Q28: Points on a firm's total product curve
Q30: Points below a firm's total product curve
Q31: In economics, the short run is the
Q32: Which of the following statements is CORRECT?
A)
Q33: The marginal product of labor is the
Q34: Marginal product is
A) the increase in output
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