Which of the following best illustrates the concept of diminishing returns? Group of answer choices As...
Which of the following best illustrates the concept of diminishing returns?
Group of answer choices
As more people are employed, total production of goods will diminish.
As additional people are employed, the amount of additional goods produced will diminish.
As total production of goods increases, a diminishing amount of labor is required.
Each additional unit of output produced requires less additional labor.
Homework Answers
Answer
Option 2
As additional people are employed, the amount of additional goods produced will diminish
The diminishing marginal return means as the more input is added to produce the marginal output of the inputs decreases because some of the inputs are fixed so the variable input can not work optimum level.
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