Question 2 2(a) Consider the following multiple-choice question: The concept of diminishing marginal returns refers to the situation where: a. Additions of one variable input increase output at an increasing rate. b. Additions of all inputs to production by some proportion increase output by a smaller proportion. C. It is a long-run concept when all inputs can change. d. Additions of one variable input increase output at a decreasing rate. e. Marginal Product curve will decrease but it may be positive. f. Marginal Cost curve will be decreasing. Only two of the answer choices above (a-f) are correct! What are the two correct answers? 2(b) Explain briefly referring to each of the answer options (a)-(f) of this question. Explain in one or two sentences for each option (a)-(f), noting why each one is either correct, or false. 2(c) Draw a stylised Total Product (output) curve and a Marginal Product curve that show the output levels for a farm with fertil tiliser as its only variable input. Show the typical shape of the Total Product curve in relation to fertiliser, if diminishing marginal product exists. Mark on the diagram for both Marginal Product and Total Product curves, and explain, in one or two sentences, the values of fertiliser input which correspond with 'diminishing marginal returns'. Remember to label your axes