The law of diminishing returns states that:
A) the specialization of labour will eventually come to an end.
B) eventually a point is reached when, as more of a variable resource is added to a fixed resource, the additions to total output will become fewer and fewer.
C) eventually total production costs will increase.
D) eventually a point is reached at which hiring one more worker will cause total output to decrease.
Correct Answer:
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Q4: Someone withdraws $10 000 from an account
Q5: Someone withdraws $10 000 from an account
Q6: The short run is described as a
Q7: The long run is described as a
Q8: The production function is the relationship between:
A)
Q10: The law of diminishing returns sets in
Q11: Marginal product:
A) refers to the addition to
Q12: The law of diminishing returns:
A) is the
Q13: Productivity:
A) of a worker will increase the
Q14: When marginal product is greater than average
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