Figure 7.2 -Refer to Figure 7.2.The Average Product of Labour Declines After

question 10

Multiple Choice

Figure 7.2
-Refer to Figure 7.2.The average product of labour declines after L₂ because

• A)the marginal product of labour is below the average product of labour.
• B)the marginal product of labour is falling.
• C)the marginal product of labour is negative.
• D)the marginal product of labour is positive.

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Definitions:

Written Contract

A legally binding agreement between two or more parties that is put in written form and signed by those involved, specifying the terms and conditions of their arrangement.

Sale of Goods

A transaction between two parties where the seller transfers ownership of tangible personal property to the buyer for a price.

Auction Without Reserve

An auction at which the auctioneer cannot withdraw goods unless no bid is made within a reasonable time.

Auctioneer

A person who conducts sales at auctions by accepting bids and declaring goods sold.