Which of the following statements best expresses the law of diminishing marginal returns?

1.As successive amounts of one resource (labour) are added to fixed amounts of other resources, beyond some point the resulting extra output will decline.

2.The same percentage increase in all inputs will result in a lower percentage increase in total output.

3.Population growth automatically adjusts to that level at which the average product per worker will be at a maximum.

4.Because large-scale production allows the realization of increasing returns to scale, the costs of production vary directly with the level of output.

5.The same percentage increase in all inputs will result in a higher percentage increase in total output.