Consider a Firm in the Short Run

question 12

Multiple Choice

Consider a firm in the short run. If total product is at its maximum, then

• A) average product must be falling and be equal to zero.
• B) marginal product must be greater than zero and must be falling.
• C) average product must equal marginal product.
• D) marginal product must be falling and be equal to zero.
• E) average product must be rising and must lie above marginal product.

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Definitions:

Quality Control

The practice of maintaining standards in manufactured products by testing a sample of the output against the specification.

Systematic Sampling

A method of sampling where members of a population are selected at regular intervals to form a sample.

Sampling Frame

The list or database from which a statistical sample is drawn, ideally including the entire population or a complete representation of it.

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