The Average Product of Labour Is

question 89

Multiple Choice

The average product of labour is

• A)the inverse of the average product of capital.
• B)the slope of the marginal product of labour curve.
• C)the slope of the total product curve.
• D)greater than the average product of labour.
• E)calculated as total product divided by the total quantity of labour employed.

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Definitions:

Future Price

The anticipated cost or value of a good, security, or commodity at a specified future date, often used in the context of futures trading.

Downsloping Demand

This term illustrates a standard economic theory where the demand curve slopes downward, indicating that as the price decreases, the quantity demanded increases.

Upsloping Supply

Refers to a supply curve that slopes upwards, indicating that higher prices lead to a higher quantity supplied.

Excise Tax

A tax levied on specific goods or services, such as alcohol or gasoline, usually to discourage their consumption or to raise revenue for public purposes.