If the Marginal Product of Labor Is Constant for All

question 61

Multiple Choice

If the marginal product of labor is constant for all levels of output,then the average product of labor

• A)is constant.
• B)equals the marginal product of labor.
• C)Both A and B above.
• D)Either A or B above but not both.

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Definitions:

HHI

The Herfindahl-Hirschman Index, a measure of market concentration to assess the level of competition within an industry.

Herfindahl-Hirschman Index

A measure used to quantify the level of competition within an industry, calculated by squaring the market share of each firm and summing the total.

Market Share

The percentage of an industry's sales that a particular company controls.

Imperfectly Competitive Industry

An industry in which individual firms have some control over the price of their output.