The Average Product of Labour Equals

question 29

Multiple Choice

The average product of labour equals

• A)the slope of the total product curve.
• B)the slope of the marginal product curve.
• C)the increase in total product divided by the increase in labour employed.
• D)total product divided by the quantity of labour employed.
• E)the difference between the total product and the marginal product of labour.

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Definitions:

Winning Bids

The highest offers made in an auction or tender process that secure the right to purchase goods or services.

High-value

Attributes or items considered to have a significant worth or importance, either in monetary terms or in qualitative aspects such as quality or utility.

Winning Price

The final bid amount that secures an item or service in an auction; the price at which the auction is won.

Low-value

Pertaining to items or services that are considered to have less worth or importance, often reflected in their low cost.