If We Assume That Labor Is the Only Variable Input

question 214

Multiple Choice

If we assume that labor is the only variable input, the slope of the total product curve in the short run

• A) has no economic significance.
• B) measures the average product of labor.
• C) measures the marginal product of labor.
• D) measures both the marginal and average product at all points on the total product curve.

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Definitions:

U.S. Goods

Products and commodities that are manufactured or produced within the United States.

Japanese Producers

Manufacturers or companies based in Japan, known for their high-quality products, especially in technology and automobiles.

Textile Workers

Individuals involved in the production of fabric, either by weaving, knitting, or other means of fabrication.

U.S. Imports

Goods and services bought by residents of the United States from other countries.