Which of the Following Statements Correctly Describes a Total Product

question 147

Multiple Choice

Which of the following statements correctly describes a total product curve?

• A) Points above the total produce curve are efficient.
• B) The curve shows that output always increases as labor employed increases.
• C) The curve separates attainable outputs from unattainable outputs.
• D) The curve shows minimum levels of output.
• E) The curve first falls, reaches a minimum, and then rises.

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Definitions:

Employer

An individual or business entity that hires and pays wages or salaries to one or more employees in exchange for their work.

Paychecks

Documents issued by an employer to an employee to pay for services rendered, representing salary or wages.

Withheld FICA Tax

Taxes taken out of an employee's paycheck for Social Security and Medicare.

Excess Social Security Tax

The amount of Social Security taxes paid over the maximum limit set for the year, which can occur when an individual works for multiple employers.