Figure 18-1 on the Graph, L Represents the Quantity of Labor and Labor

question 62

Multiple Choice

Figure 18-1
On the graph, L represents the quantity of labor and Q represents the quantity of output per week.
-Refer to Figure 18-1. Based on the shape of the curve, the (i)
Total product is increasing.
(ii)
Total product is decreasing.
(iii)
Marginal product is increasing.
(iv)
Marginal product is decreasing.

• A)(i) only
• B)(i) and (iii) only
• C)(i) and (iv) only
• D)(ii) and (iv) only

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Definitions:

Owner's Capital

The total equity or net worth owned by the proprietor of a company, reflecting the amount invested plus any retained earnings.