The________ function is based on the microeconomic law of diminishing returns.
A) S-shaped demand
B) marginal utility
C) concave-upward
D) concave-downward

Question

Quizplus · Accepted Answer

The concave-downward function is based on the microeconomic law of diminishing returns, which states that as more of a variable input is added to a fixed input, the marginal product of the variable input will eventually decrease.

The________ Function Is Based on the Microeconomic Law of Diminishing