Diminishing marginal product of labor means that: A. as more capital is employed, the marginal product of labor declines B. the increments to output produced by successive units of labor (holding other inputs constant) rises C. the increments to output produced by successive units of labor (holding other inputs constant) declines D. total output falls as more labor is employed
Diminishing marginal product of labor means that: A. as more capital is employed, the marginal product of labor declines B. the increments to output produced by successive units of labor (holding other inputs constant) rises C. the increments to output produced by successive units of labor (holding other inputs constant) declines D. total output falls as more labor is employed
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 10SQ
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Diminishing marginal product of labor means that:
A.
as more capital is employed, the marginal product of labor declines
B.
the increments to output produced by successive units of labor (holding other inputs constant) rises
C.
the increments to output produced by successive units of labor (holding other inputs constant) declines
D.
total output falls as more labor is employed
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