If a production function exhibits diminishing marginal product, its slope
A) is linear (a straight line) .
B) becomes steeper as the quantity of the input increases.
C) could be any of these answers.
D) becomes flatter as the quantity of the input increases.
Correct Answer:
Verified
Q11: Average total costs are total costs divided
Q12: In the short run, the market supply
Q13: Wages and salaries paid to workers are
Q14: In the short run, if the price
Q15: The marginal product of labour as
Q17: If a firm continues to employ more
Q18: The short-run market supply curve is more
Q19: Accounting profit is equal to total revenue
Q20: If total revenue is €100, explicit costs
Q21: When marginal costs are below average total
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents