In order for the law of diminishing returns to be present, we must have a. at...
In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed. b. output decreasing as more laborers are hired. c. the price of labor increasing as more workers are hired. d. simultaneous changes in labor and capital. e. double the output when labor input is doubled.
Homework Answers
Answer
Option a
a. at least one factor of production to be fixed.
Diminishing returns means the marginal product of labor decreases as the more labor is hired because of the fixed input available to the variable input.
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In order for the law of diminishing returns to be present, we
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