Author Question: Output (Total Product) is maximized when A) average productivity is at its maximum. B) the law ... (Read 37 times)

luminitza

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Output (Total Product) is maximized when
 
  A) average productivity is at its maximum.
  B) the law of diminishing returns sets in.
  C) marginal productivity is zero.
  D) marginal productivity is at its maximum.

Question 2

What is a payoff matrix?
 
  What will be an ideal response?



bitingbit

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Answer to Question 1

C

Answer to Question 2

A tabular presentation of various outcomes to each player, in a two-player situation, based on the various simultaneous decisions made by the players.



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