Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The law of diminishing marginal returns means that, as you increase the number of units of a variable input, after some point: a. Total output

The law of diminishing marginal returns means that, as you increase the number of units of a

variable input, after some point:

a. Total output will fall.

b. Costs of production will fall.

c. Marginal output will fall.

d. Demand will fall.

e. Supply will fall.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Levelling What's Next After Globalization

Authors: Michael O'Sullivan

1st Edition

1541724089, 9781541724082

More Books

Students also viewed these Economics questions

Question

consider how quantitative data can contribute to your research;

Answered: 1 week ago

Question

draw appropriate conclusions based on your data.

Answered: 1 week ago

Question

make sense of basic terminology used in quantitative data analysis;

Answered: 1 week ago