Total Output Is Maximized When

question 34

Multiple Choice

Total output is maximized when:

• A) average product equals zero.
• B) marginal product is maximized.
• C) average product is maximized.
• D) marginal product equals zero.

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Definitions:

Monthly Income

The total amount of income or earnings generated by an individual, household, or entity within a month, including all sources.

Hot Dog

A cooked sausage, traditionally grilled or steamed and served in a sliced bun as a sandwich.

Price

The financial sum necessary to obtain a good, service, or property.

Budget Constraint

An economic model that depicts the combination of goods and services an individual, household, or firm can purchase, given their income and prevailing prices.