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Subject - Economics:

Microeconomics

MCQ - 85-4095

Question:

When the marginal product of labor is equal to the average product of labor,

  1. marginal product of labor is at its maximum.
  2. marginal cost of production is at its minimum.
  3. marginal cost is equal to minimum average variable cost.
  4. marginal cost of production is at its minimum.
  5. total product of labor is at its maximum.

Correct Answer: C

Explanation:

MC and AVC are inverses of MPL and APL . Because MPL = APL at the maximum of APL , MC = AVC at the minimum of AVC.

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