Consider Comparing the Relationship Between Marginal and Average Product $\mathrm { AP } _ { \mathrm { L } }$

question 62

True/False

Consider comparing the relationship between marginal and average product. When average product is increasing in labor, marginal product is greater than average product. That is, if $\mathrm { AP } _ { \mathrm { L } }$ increases in $\mathrm { L }$ , then $\mathrm { MP } _ { \mathrm { L } } > \mathrm { AP } _ { \mathrm { L } }$ .

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Definitions:

Transposition

An error in which the order of the digits is changed, such as writing $542 as $452 or $524.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check for errors in the double-entry system.

Journal Entries

The record of financial transactions in an accounting system, used to transfer information to the ledger, showing detailed information regarding date, accounts affected, and amounts.

Posted Correctly

The action of accurately recording transactions in the appropriate accounts in an accounting system.