When Labor Inputs Are Finely Divisible,the Average Product of Labor

question 55

Multiple Choice

When labor inputs are finely divisible,the average product of labor curve is ______ sloping at L if the marginal product is ______ the average product.

• A) downward; above
• B) upward; above
• C) upward; below
• D) vertical; equal to

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Definitions:

Possessory Right

This term refers to the right of an individual or entity to possess or control a certain property or asset.

Mislaid

Property that is placed somewhere intentionally and then forgotten by the owner, distinguishing it from lost or stolen property.

Lost

A state or condition in which something is unable to be found or has gone missing.

Discarded

Thrown away or disposed of as no longer useful or required after consideration.