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Question 12 According to the law of diminishing returns, a) The total product declines as more units of a variable factor are added to a fixed factor b) The marginal product eventually increase as more units of a variable factor are added to a fixed factor The marginal product of a variable factor eventually declines as more units of it are added to a fixed factor d) As long as the marginal product is positive, total product will decrease

Question 12 According to the law of diminishing returns, a) The total product declines as more units of a variable factor are added to a fixed factor b) The marginal product eventually increase as more units of a variable factor are added to a fixed factor The marginal product of a variable factor eventually declines as more units of it are added to a fixed factor d) As long as the marginal product is positive, total product will decrease

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 19CQ
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Question 12 According to the law of diminishing returns, a) The total product declines as more units of a variable factor are added to a fixed factor b) The marginal product eventually increase as more units of a variable factor are added to a fixed factor c) The marginal product of a variable factor eventually declines as more units of it are added to a fixed factor d) As long as the marginal product is positive, total product will decrease
Transcribed Image Text:Question 12 According to the law of diminishing returns, a) The total product declines as more units of a variable factor are added to a fixed factor b) The marginal product eventually increase as more units of a variable factor are added to a fixed factor c) The marginal product of a variable factor eventually declines as more units of it are added to a fixed factor d) As long as the marginal product is positive, total product will decrease
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