Which of the following is incorrect when there is one input (labor) in the production? The production function is concave when law of diminishing marginal product holds. Firms can produce under the total product curve and on the curve but not above the curve. Total product is at the maximum when marginal product of labor is zero. Marginal product is equal to average product when marginal product is at the maximum.

Which of the following is incorrect when there is one input (labor) in the production? The production function is concave when law of diminishing marginal product holds. Firms can produce under the total product curve and on the curve but not above the curve. Total product is at the maximum when marginal product of labor is zero. Marginal product is equal to average product when marginal product is at the maximum.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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