Asked by Madison Brewer on Jun 18, 2024
Verified
Refer to Figure 6.2.1 above. At point C:
A) the marginal product of labor is greater than the average product of labor.
B) the average product of labor is greater than the marginal product of labor.
C) the marginal product of labor and the average product of labor are equal.
D) the marginal product of labor and the average product of labor are both increasing.
E) Both B and D are correct.
Average Product
The output produced per unit of input used, calculated by dividing total output by the quantity of inputs.
Labor
The effort by humans to produce goods or services in the economy.
- Acquire knowledge about the role and measurement methods for the marginal product of labor.
Verified Answer
EV
Elliott VenturaJun 18, 2024
Final Answer :
B
Explanation :
At point C, the slope of the average product of labor curve is greater than the slope of the marginal product of labor curve. Therefore, the average product of labor is greater than the marginal product of labor.
Learning Objectives
- Acquire knowledge about the role and measurement methods for the marginal product of labor.