The Steeper the Slope of the Total Product Curve, the

question 78

Multiple Choice

The steeper the slope of the total product curve, the

• A) higher is the level of the total cost curve.
• B) larger is the marginal product of labour.
• C) smaller is the marginal product of labour.
• D) more efficient is the technology employed.

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Definitions:

Economies Grow

The process by which a nation's wealth increases over time, typically measured by the rise in its gross domestic product (GDP).

Microeconomics

The branch of economics that focuses on the actions of individuals and industries, rather than the economy as a whole.

Descriptive Economics

A branch of economics that focuses on describing economic phenomena, without making judgments or recommendations.

Empirical Economics

The branch of economics that focuses on using data and statistical methods to analyze economic theories and test hypotheses.