Business, 15.07.2020 03:01, tcham0201

Suppose that the marginal product of labor falls from 21 units of output to 0 as the amount of labor employed increases by 1. Which of the following is TRUE? a. The coefficient of price elasticity of demand is 1.
b. Total revenue is at a minimum, and the additional worker should be laid off.
c. Total product cannot be increased further with additional workers.
d. The marginal revenue product is at a maximum

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Suppose that the marginal product of labor falls from 21 units of output to 0 as the amount of labor...