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AP Microeconomics
Unit 3 โ Production, Cost, and the Perfect Competition Model
Topic 3.1
Unit 3 โ Production, Cost, and the Perfect Competition Model
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3.1 The Production Function
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mixed difficulty
How are total product and average product related when placed on a graph?
When marginal product is decreasing, total product increases at a increasing rate.
When marginal product is increasing, total product increases at an increasing rate.
When marginal product becomes negative, total product is increasing.
When marginal product becomes zero, total product increases.
Study guides (1)
AP Microeconomics - 3.1 The Production Function
Key terms
Total Product
Average product
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