Asked by
Megan Ghelfi
on Nov 25, 2024
Verified
The law of diminishing returns results in
A) an eventually rising marginal product curve.
B) a total product curve that eventually increases at a decreasing rate.
C) an eventually falling marginal cost curve.
D) a total product curve that rises indefinitely.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
Marginal Product Curve
A graphical representation that shows how the addition of one more unit of a resource to production affects the output of a product.
Total Product Curve
A graphical representation showing how the total quantity of output varies with changes in the quantity of a single input while other inputs are held constant.
- Acquire an understanding of the idea and ramifications of diminishing marginal returns in manufacturing processes.
Verified Answer
PT
Learning Objectives
- Acquire an understanding of the idea and ramifications of diminishing marginal returns in manufacturing processes.