Answer:
(D). Average product must be rising.
Explanation:
Average product is gotten by dividing the total product of a firm, by the labor quantity (such as the number of workers). This gives the average product per worker.
Marginal product shows the change in total productivity caused by an additional unit of labor (such as a newly hired worker).
If the extra productivity brought about by an additional worker (marginal product) is higher than the average productivity per worker in a firm (the average product), then this marginal productivity, when added to the total, will raise the average productivity of the firm.
This explains why "average product must be rising as long as marginal product is greater than it."
Similarly, once marginal productivity drops below average productivity, then average product starts to decline.
Answer:
As the variable cost increased by $2.10 per book so if publisher wants to start making profit at same level of production then it should increase the selling price of the book by $2.10. As the increase in cost and selling price will be same so the publisher will also start making profit at same production level.
<span>Government increases the tax rate.
Consumers have less money to spend.
</span>Producers manufacture fewer goods.
Inflationary pressure decreases.<span>
</span>
Group of answer choices.
A. the supply curve, resulting in a lower equilibrium price.
B. the supply curve, resulting in a higher equilibrium price.
C. the demand curve, as consumers try to economize because of the shortage.
D. the demand curve, resulting in a price ceiling in the market.
Answer:
B. the supply curve, resulting in a higher equilibrium price.
Explanation:
In this scenario, a severe freeze has damaged the Florida orange crop. Thus, the impact on the market for orange juice will be a leftward shift of the supply curve, resulting in a higher equilibrium price.
An equilibrium price can be defined as the price at which the quantity of goods demanded is equal to the quantity of goods supplied.
Additionally, the equilibrium price is generally said to be stable because at this price, the quantity of goods or services demanded is equal to the quantity of goods or services supplied to the consumers.
