Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as
A. Q ∙ L.
B. Q / L.
C. ΔL / ΔQ.
D. ΔQ / ΔL.
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The slope of the total product curve is the
A. average product.
B. slope of a line from the origin to the point.
C. marginal product.
D. marginal rate of technical substitution.
The law of diminishing returns refers to diminishing
A. total returns.
B. marginal returns.
C. average returns.
D. all of these.
When labor usage is at 12 units, output is 36 units. From this we may infer that
A. the marginal product of labor is 3.
B. the total product of labor is 1/3.
C. the average product of labor is 3.
D. none of the above
Use the following two statements to answer this question: I. If the marginal product of labor is zero, the total product of labor is at its maximum. II If the marginal product of labor is at its maximum, the average product of labor is falling.
A. Both I and II are true.
B. I is true, and II is false.
C. I is false, and II is true.
D. Both I and II are false.