Asked by
Jesse McSweeney
on Oct 12, 2024Verified
Suppose you owned a 40-acre farm and worked it with two helpers.If you hired an additional six helpers,you would most likely encounter
A) increasing returns.
B) diminishing returns.
C) negative returns.
Diminishing Returns
A principle stating that if one factor of production is increased while other factors are held constant, the incremental output or benefit gained will eventually decrease.
40-Acre Farm
A piece of farmland covering 40 acres, often used historically in the context of post-Civil War land redistribution promises in the United States.
- Acquire knowledge about the concept and effects of the law of diminishing returns in multiple areas.
Verified Answer
DH
Learning Objectives
- Acquire knowledge about the concept and effects of the law of diminishing returns in multiple areas.