Which of the following statements about the short-run production function is true?
- MP always equals AP at the maximum point of MP.
- MP always equals zero when TP is at its maximum point.
- TP starts to decline at the point of diminishing returns.
- When MP diminishes, AP is at its minimum point
- None of the above is true.
Total product is determined by how much each additional unit of input will create (the marginal product). At the point of diminishing marginal ...
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