What Is the Average Product of Labor,given That the Level

question 120

Multiple Choice

What is the average product of labor,given that the level of labor equals 10,total output equals 1200,and the marginal product of labor equals 200?

• A) 20
• B) 120
• C) 6
• D) 2,000

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Definitions:

Aggregate Supply

The total supply of goods and services produced within an economy at a given overall price level in a given time period.

Central Bank

An institution designed to oversee the banking system and regulate the quantity of money in the economy

Economic Fluctuations

Variations in the level of economic activity, characterized by periods of economic growth and contraction.

Electoral Calendar

A schedule outlining the dates of significant electoral events, such as elections and referendums, across different jurisdictions.