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Determine whether each of the following statements is true or false and explain why you think so. 1.If the average product of labor equals 5
Determine whether each of the following statements is true or false and explain why you think so.
1.If the average product of labor equals 5 at all levels of output, the marginal product of labor is also equal to 5 at all levels of input.
2.Suppose the demand for a good is given by () = 50 2. If the price of the good rises from $5 to $6, the change in consumer surplus is more than $30.
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