When the Total Product Curve Is Drawn in a Figure

question 287

Multiple Choice

When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the

• A) minimum cost of producing a given amount of output using different techniques.
• B) maximum profit attainable for each unit of output sold per unit of labor employed.
• C) maximum output attainable for each quantity of labor employed.
• D) minimum output attainable for each quantity of labor employed.

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Definitions:

Demand

The desire for a particular good or service combined with the willingness and ability to pay for it.

Ben & Jerry's

A popular American company known for its high-quality, creatively flavored ice creams, frozen yogurts, and sorbets.

Demand Curve

A visual diagram that illustrates how the demand for a product varies with its price, usually showing a decline from left to right.

Electric Company

A business entity that produces, transmits, and distributes electricity to consumers and businesses.