The law of diminishing marginal product of labor is demonstrated by which of the following? Total output increases at a decreasing rate as you increase the quantity of labor. Total output increases only when you increase both labor and ovens. Total output declines as you increase the quantity of labor.Which of the following expressions is correct? a. accounting profit = economic profit + implicit costs b. economic profit = accounting profit + explicit costs c. accounting profit = total revenue implicit costs d. economic profit = total revenue implicit costs