Asked by makayla porter on Apr 24, 2024
Verified
Which of the following statements concerning the relationships between total product (TP) , average product (AP) , and marginal product (MP) is not correct?
A) AP continues to rise so long as TP is rising.
B) AP reaches a maximum before TP reaches a maximum.
C) TP reaches a maximum when the MP of the variable input becomes zero.
D) MP cuts AP at the maximum AP.
Total Product
The overall quantity of goods or services produced by a firm, using a given level of inputs, within a specific period.
Average Product
The output produced per unit of input, calculated by dividing total production by the number of input units.
Marginal Product
The additional output resulting from using one more unit of a particular input while holding all other inputs constant.
- Analyze the relationship between total product, marginal product, and average product in the context of production.
Verified Answer
Learning Objectives
- Analyze the relationship between total product, marginal product, and average product in the context of production.
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