Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started