Exhibit 7-13 the Total Product of Labor Given the Information

question 24

Multiple Choice

Exhibit 7-13 The Total Product of Labor Given the information in Exhibit 7-13, what is the average product when three units of labor are employed?

• A)more than two-thirds units of output
• B)less than one-third of a unit of output
• C)less than the average product when two units of labor are employed
• D)more than the average product when two units of labor are employed
• E)cannot be determined from the graph of total product

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Definitions:

Substantial

Of considerable importance, size, or worth; significant enough to merit attention.

Assignee

is an individual or entity to whom rights or interests have been transferred by another party.

Timely Fashion

Completing tasks or obligations within a designated or reasonable time frame.

Statute of Frauds

A rule of law that mandates specific types of contracts must be documented and signed by the involved party to deter fraudulent activities and false testimonies.