Which of the following is true about the law of diminishing marginal product?
A) The law of diminishing marginal product implies negative marginal product.
B) The law of diminishing marginal product occurs at the same rate for different firms.
C) The law of diminishing marginal product is illustrated by a downward sloping marginal product of labor curve.
D) The law of diminishing marginal product illustrates the total product of labor hired.
Correct Answer:
Verified
Q1: This is the rate of output for
Q2: This would determine the cheapest combination of
Q4: _ is the acquired skills and knowledge
Q5: A production function can be explained as
A)The
Q6: This represents the demand curve for labor.
A)The
Q7: This is determined by the productivity of
Q8: The rule that states that as a
Q9: Of the following which is not a
Q10: The sum of a product produced in
Q11: Use the graph to answer questions
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