55) The total output produced by a firm divided by the quantity of workers employed by the firm isthe definition ofA) the division of labor.B) the average product of labor.C) the marginal product of labor.D) the average cost of production.Answer: B55)Diff: 1Page Ref: 361/361Topic: Average Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking56) After Suzie, owner of Suzieʹs Sweet Shop, hires her 8th worker the average product of labordeclines. Which of the following statements must be true?56)Diff: 2Page Ref: 361-362/361-362Topic: Average Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking57) Which of the following statements is true?57)Diff: 2Page Ref: 361-362/361-362Topic: Average Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking58) The marginal product of labor is calculated using the formulaD)Q/L.58)Diff: 1Page Ref: 359/359Topic: Marginal Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking16

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- Fall '13
- The Wealth of Nations, Marginal product, AACSB, average product, Green Line, Erdős–Woods number