The Law of Diminishing Returns states:
A) there is a direct relationship between price and quantity supplied.
B) there is an inverse relationship between price and quantity demanded.
C) as additional units of a good are consumed, beyond some point each additional unit will add less satisfaction.
D) as additional units of a variable factor are added to a fixed factor, beyond some point each additional unit of the variable factor will add less to output than did the previous unit.
Correct Answer:
Verified
Q11: An individual firm's demand curve for labor
Q12: The value of labor falls as additional
Q13: The declining value of labor productivity as
Q14: The labor demand curve for an individual
Q15: The value of labor is determined by
Q17: Marginal product is:
A) total product divided by
Q18: As more labor is hired by a
Q19: Marginal product is the change in:
A) total
Q20: As more workers are hired by a
Q21: As more workers are hired by a
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