This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Describe the relationship between the marginal and average products of labor as the employment of ... (Read 27 times)

lracut11

  • Hero Member
  • *****
  • Posts: 536
on: Jun 29, 2018
Describe the relationship between the marginal and average products of labor as the employment of labor increases in the short run.
 
  What will be an ideal response?

Question 2

Entry of new firms into a perfectly competitive market raises the product's price.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Alyson.hiatt@yahoo.com

  • Sr. Member
  • ****
  • Posts: 354
Reply #1 on: Jun 29, 2018
Answer to Question 1

Holding other factors such as capital constant, additional workers have increasing and then diminishing marginal returns. So, the marginal product of additional workers rises and then falls, even though remaining positive. As that happens, when the marginal product is greater than the average product, the average product is increasing. When the marginal product is less than the average product, the average product is decreasing. The average product equals the marginal product when the average product is at its maximum.

Answer to Question 2

FALSE


lracut11

  • Member
  • Posts: 536
Reply 2 on: Jun 29, 2018
Wow, this really help

raili21

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Relationship between winter rainfall and chuckwalla, Sauromalus, size Relationship between winter rainfall and chuckwalla, Sauromalus, size
Rates of water loss by two turtles and a tortoise indicate an inverse relationship between the dryne Rates of water loss by two turtles and a tortoise indicate an inverse relationship between the dryne
Products of the Root's Primary Meristems Products of the Root's Primary Meristems
Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a
Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ... Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ...
A close relationship between greenhouse gas emissions and a country’s gross domestic product A close relationship between greenhouse gas emissions and a country’s gross domestic product
Video: Bulk flow - Factors that influence bulk flow

For a complete list of videos, visit our video library