QUESTION 9Which of the following best expresses the law of diminishing returns?B. Population growthautomatically adjusts tothat level at which theaverage product perworker will be at aD. As successive amounts ofO A. Because large-scale productionallows the realization ofC. Proportionateincreases in the inputsone resource (labor) areadded to fixed amounts ofother resources (capital),beyond some point theresulting extra or marginaloutput will declineof all resources willeconomies of scale, the realcosts of production vary directlywith the level of outputresult in a less-than-proportionate increasein total outputmaximum

Law of Diminishing Returns tells us that as more and more units of a particular factor of production…

QUESTION 9 Which of the following best expresses the law of diminishing returns? B. Population growth automatically adjusts to that level at which the O D. As successive amounts of one resource (labor) are added to fixed amounts of C. Proportionate increases in the inputs A. Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output of all resources will other resources (capital), beyond some point the resulting extra or marginal output will decline result in a less-than- average product per worker will be at a proportionate increase in total output maximum

QUESTION 9 Which of the following best expresses the law of diminishing returns? B. Population growth automatically adjusts to that level at which the O D. As successive amounts of one resource (labor) are added to fixed amounts of C. Proportionate increases in the inputs A. Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output of all resources will other resources (capital), beyond some point the resulting extra or marginal output will decline result in a less-than- average product per worker will be at a proportionate increase in total output maximum

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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