What does diminishing marginal product imply
A) The marginal cost of an extra worker is unchanged.
B) The marginal cost of an extra worker is less than the previous worker's marginal cost.
C) The marginal product of an extra worker is less than the previous worker's marginal product.
D) The marginal product of an extra worker is greater than the previous worker's marginal product.
Correct Answer:
Verified
Q70: What does variable cost divided by quantity
Q71: What does average total cost equal
A)change in
Q72: Scenario 13-4
A firm experiences decreasing marginal product
Q73: What is average total cost equal to
A)output
Q74: If marginal cost is rising,what must be
Q76: When marginal cost exceeds average total cost,what
Q77: What does diminishing marginal product suggest
A)Additional units
Q78: What is the cost of producing an
Q79: What type of cost is the amount
Q80: Figure 13-3
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