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When in the short-run the total product function reaches its maximum, the marginal product of labor (the variable input) is zero.

True or False?

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Related questions

TRUE OR FALSE

____ 16. The law of diminishing marginal returns provides an explanation for why Average Cost eventually increases as output is expanded in the short run.

____ 17. The marginal product is the increase in output per additional unit of input.

____ 18. As output increases, marginal cost increases, reaches a maximum, and then falls.

____ 19. The marginal product curve rises when the marginal cost curve rises.

____ 20. If a firm is producing an output level at which marginal revenue exceeds marginal cost in the short run, the firm will increase profits by reducing its output level.


all product functions show diminishing marginal returns in the short run when an input is fixed? true or false?

Indicate whether the following statements are true or false, and explain your answers:

a. When marginal product reaches its maximum, average product is also at its maximum.

b. When marginal product is less than average product, then it must be that average product is declining.

c. The law of diminishing marginal returns states that increases in the variable input reduce the total product.

d. A firm with one worker can produce 30 units of a product that sells for $4 per unit, but the same firm with two workers can produce 70 units of the same product. The marginal revenue product of the second worker is $400.

e. A firm can maximize profit in Stages I or II of production, but not Stage III.

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