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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.
- When the marginal product of labor is falling, the average product of labor is falling.
- When the marginal product curve lies above the average product curve, the average product is rising.
- 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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