Q7. Shape of average product curve is________ (1)
a) ‘S’ shaped curve
b) Inverse shaped curve
c) ‘U’shaped curve
d) Inverse ‘U’shaped curve
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Answer:
The hump-shape of the average product curve indirectly results from increasing and decreasing marginal returns
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Answer:
The hump-shape of the average product curve indirectly results from increasing and decreasing marginal returns. The upward-sloping portion of the average product curve, up to the second worker, is indirectly due to increasing marginal returns.
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