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Question
At the point of inflexion, ______ is maximum.
Options
total product
total cost
average product
marginal product
Solution
At the point of inflexion, marginal product is maximum.
Explanation:
The point of inflection marks the point at which the production curve changes curvature. The marginal product reaches its maximum value at the point of inflection. This indicates that the additional output made possible by adding one more unit of input is at its maximum. It indicates that a firm's returns on input are diminishing beyond that point.
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