Asked by
Aditi Thakur
on Dec 08, 2024Verified
If marginal product is less than average product, then
A) average product must be increasing.
B) marginal product must be decreasing.
C) marginal product must be increasing.
D) marginal product could either be increasing or decreasing.
Average Product
The output per unit of input, calculated by dividing total production by the number of units of input.
Marginal Product
The additional output that is produced by adding one more unit of a particular input, keeping other inputs constant.
- Analyze the connection between marginal and average labor products.
Verified Answer
AC
Learning Objectives
- Analyze the connection between marginal and average labor products.