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

Question

Quizplus · Accepted Answer

The law of diminishing returns in microeconomics is represented by a concave-downward function, indicating that as more of a variable input is added to a fixed input, the additional output (returns) from each additional unit of the variable input will eventually decrease.

The _____ Function Is Based on the Microeconomics Law of Diminishing