Question 11 Production in the Short Run Labor Total Product UAWNO Reference: Ref 741 worker (Table)...

Question

Question

Answer 1

Answer #1

Answer- The correct option is B.) the third

Diminishing returns occur when marginal product decreases when hiring additional workers.

Labor Total Product. Marginal Product

0. 0. 0

1. 5. 5

2. 13. 8

3. 18. 5

4. 24. 6

5. 28. 4

With the hiring of third worker, marginal product starts decreasing, hence here diminishing returns occur.

Answer 2

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