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Author Question: Output (Total Product) is maximized when A) average productivity is at its maximum. B) the law ... (Read 60 times)

luminitza

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on: Jul 1, 2018
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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Reply #1 on: Jul 1, 2018
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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