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.

---

Definitions:

Fair Market Price

The price at which an asset would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Preferred Stock

Preferred Stock represents a class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often including fixed dividends.

Common Stock

A form of corporate equity ownership, a type of security that represents ownership in a corporation and a claim on part of the company's profits.

Fair Market Value

The cost at which a property would be exchanged in a competitive bidding environment.