Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following statement about the firm's short run production cost is FALSE: A.If marginal product exceeds average product, then average product is increasing.

Which of the following statement about the firm's short run production cost is FALSE:

  • A.If marginal product exceeds average product, then average product is increasing.
  • B.If marginal product is less than average product, then average product is decreasing.
  • C.If marginal product equals average product, then average product is at its maximum.
  • D.Average product is the change in total product that results from a one-unit increase in the quantity of labor employed.

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_2

Step: 3

blur-text-image_3

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

Technical Change, Relative Prices, And Environmental Resource Evaluation

Authors: V Kerry Smith

1st Edition

1317358570, 9781317358572

More Books

Students also viewed these Economics questions

Question

What is management growth? What are its factors

Answered: 1 week ago

Question

Pollution

Answered: 1 week ago

Question

The fear of making a fool of oneself

Answered: 1 week ago