Which of the following statements is not correct? Select one: O a When MC is below AVC, AVC is rising. O b. The total product curve shows how a firm's output changes when the quantity of labour changes. O c. Diminishing marginal returns occur when the marginal product of a worker is less than the marginal product of the previous worker. O d. The change in total product resulting fro
Which of the following statements is not correct? Select one: O a When MC is below AVC, AVC is rising. O b. The total product curve shows how a firm's output changes when the quantity of labour changes. O c. Diminishing marginal returns occur when the marginal product of a worker is less than the marginal product of the previous worker. O d. The change in total product resulting fro
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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Question
Which of the following statements is not correct?
Select one:
O
a
When MC is below
O b. The total product curve shows how a firm's output changes when the quantity of labour changes.
O c.
Diminishing marginal returns occur when the marginal product of a worker is less than the marginal product of the previous
worker.
O
d. The change in total product resulting from a one-unit increase in the quantity of labour is called marginal product.
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