Which of the following is a correct statement about the relationship between average product (AP) and marginal product (MP) ?

Profit Maximizing Under Perfect Competition And Monopoly 18/08/2021

A. If TP is declining, then AP is negative
B. If AP = MP, then total product is at a maximum.
C. If AP exceeds MP then AP is falling
D. If AP is at a maximum, then MP is also,

Related Mcqs:

    Engineers for the All-Terrain Bike Company have determined that a 15% increase in all inputs will cause a 15% increase in output Assuming that input prices remain constant, you correctly deduce that such a change will cause ________ as output increases?
    A. average costs to remain constant B. average costs to decrease C. average costs to increase D. marginal costs to increase...
    The normal rate of profit for relatively risk-free firms will be _________ the interest rate on risk-free government bonds?
    A. approximately one-half B. smaller than C. larger than D. approximately equal to...
    The costs that depend on output in the short run are ?
    A. total fixed cost only. B. total variable costs only. C. both total variable costs and total costs. D. total costs only...
    If a firm has some degree of market power, then output price ?
    A. no longer influences the amount demand of the firm’s product B. becomes a decision variable for the firm C. is guaranteed to be above a firm’s average cost. D. is determined by the actions of other firms in the industry...
    An industry that has a relatively small number of firms that dominate the market is called ?
    A. a colluding industry B. a merged industry C. a concentrated industry D. a natural monopoly...

Leave a Reply

Your email address will not be published. Required fields are marked *