Average Product Is Equal to

question 84

Multiple Choice

Average product is equal to

• A) marginal product + total product.
• B) total product ÷ marginal product.
• C) total product ÷ quantity of labor.
• D) total product × quantity of labor.
• E) marginal product × quantity of labor.

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Definitions:

Engel Curve

A graphical representation showing the relationship between a consumer's income and the quantity of a good consumed, keeping all other factors constant.

Total Effect

The overall impact on a dependent variable when one or more independent variables change.

Price Change

An alteration in the cost of goods and services in the market, which can be due to various factors like inflation, supply and demand changes, or external economic conditions.

Normal Good

A type of good for which demand increases when income increases and falls when income decreases, assuming all other factors remain constant.