state gov Kerala PSC Degree (Common Preliminary Examination) Mock Test Series 2025 General Knowledge Economy Microeconomics
Which of the following correctly represents the relationship between average product and marginal product?
1. As long as marginal product is less than average product, average product rises.
2. When marginal product is equal to average product, then average product is minimum.
3. When marginal product is less than average product, average product falls.
1
2 and 3 only
2
Only 3
3
1 and 2 only
4
1 and 3 only