Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following economics question in the picture Question 2 5 pts Which of the following statements is correct? 1. Whenever the MPL (marginal product labour]

The following economics question in the picture

image text in transcribed
Question 2 5 pts Which of the following statements is correct? 1. Whenever the MPL (marginal product labour] curve becomes a downward sloping curve, the APL is also e downward sloping curve that lies above the MPL curve. IL. If a firm uses only labor to produce, and the production function is given by a straight line, then the MPL is always equal to the APL as labor employment expands. Ill. Suppose a factory uses a technology where the marginal product of labor rises, then is constant and finally falls as employment increases. Then this technology must follow the law of diminishing returns. Oil only O lunly OLLI O'll and int O I and II O l and Ill O The correct answer Is not listed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law Principles For Today's Commercial Environment

Authors: David P Twomey, Marianne M Jennings

2nd Edition

0324303947, 9780324303940

More Books

Students also viewed these Economics questions

Question

Sketch and label the hierarchy of needs.

Answered: 1 week ago

Question

2. To store it and

Answered: 1 week ago