When Labor Usage Is at 12 Units, Output Is 36

question 82

Multiple Choice

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

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Definitions:

Business Fluctuations

Variations in the growth rate of an economy over time, including periods of expansion and contraction.

Money Supply

The overall volume of fiscal assets in an economy, which includes cash, coins, and amounts in checking and savings accounts, at a certain time.

Rational Expectations

An economic theory suggesting that individuals make predictions about future economic events using all available information in an unbiased and informed manner.

Discretionary Policies

Economic policies based on the judgment and decisions of policymakers, as opposed to set rules or formulas, often involving changes in government spending or taxation.