The average productivity of labor reaches its maximum:
a. at the point of inflection of the total product curve.
b. where the slope of the total product curve is steepest.
c. where the slope of the total product curve is zero.
d. where marginal and average productivity are equal.
Question 2
If two firms operate in a market that is characterized as being a Prisoner's Dilemma, and the two strategies given them are to restrict output or expand output, which of the following strategy pairs would represent the cooperative solution in a duopoly for firm 1 and firm 2, and firm 1 given first in each pair?
a. expand output, restrict output
b. restrict output, expand output
c. restrict output, restrict output
d. expand output, expand output
Decimal Point Place Values
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