According to the information provided, which of the following statements is(are) true?
(i) farmer Jack experiences decreasing marginal product
(ii) farmer Jack's total cost curve is linear
(iii) farmer Jack's production function is nonlinear
A)(i) only
B)(i) and (ii)
C)(ii) only
D)(i) and (iii)

Question

Quizplus · Accepted Answer

(i) is true because the information states that Jack's production increases at a decreasing rate, indicating that he is experiencing decreasing marginal product.
(iii) is true because the information states that Jack's production does not increase at a constant rate with additional inputs, indicating that his production function is nonlinear. 
(ii) is not necessarily true based on the information given about Jack's costs. Therefore, option (B) can be eliminated. Choice (C) is also incorrect because there is no information provided about the shape of Jack's total cost curve.

According to the Information Provided, Which of the Following Statements