Which of the FF. statements is correct about the diminishing returns to labor? A. The diminishing returns to labor starts when the total product is already declining B. The diminishing returns to labor starts when adding labor causes the output to increase but the additional output becomes smaller and smaller C. The diminishing returns to labor occurs due to the presence of fixed assets D. A and C are correct E. B and C are correct

1. AK.25L.75 A=4  K= 75 L= 76 a. marginal product of capital  b. total payments of labor

The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.

Suppose a firm did riveted a useful production technique. We can expect:  a. The firm to hire fewer workers  b. The firms labour demand curve to shift right  c. The firms labour demand to shift left d. The firms labour curve to remain unchanged