Homework Answers
Solution:
The law of diminishing marginal returns states that a lower additional output is produced with every successive input unit. In other words, it means that as the input is increased, the additional output it produces goes on decreasing/diminishing. So, the production function depicting such property must be concave shaped.
So, the correct option is (c).
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Which of the following production functions is consistent with the law of diminishing marginal returns? OA...
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The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for...
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Which of the following statements about the law of diminishing returns are Correct? pick one The...
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Which one of the following production functions exhibits diminishing returns to labor and increasing returns to...
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28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
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