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For the short-run production, identify the truthfulness of the following statements. When the marginal product of labor is falling, the average product of labor is

For the short-run production, identify the truthfulness of the following statements.

  1. When the marginal product of labor is falling, the average product of labor is falling.
  2. When the marginal product curve lies above the average product curve, the average product is rising.
  3. Average product and marginal product will intersect at the minimum of average product.

A. 2 and 3 are true

B. only 1 is true

C. all are true

D. only 2 is true

E. 1 and 3 are true

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