Asked by
Deborah Cassidy-Cobb
on Oct 12, 2024
Verified
The law of diminishing returns
A) is completely invalid.
B) states that if units of a resource are added to a fixed proportion of other resources,eventually marginal output will decline.
C) states that if any two resources are combined,production will fall.
D) states that profit margins decline as output rises.
Marginal Output
The additional amount of output that is produced as a result of a one unit increase in the input of a production process.
Resource
Assets, materials, or inputs used to produce goods and services, including natural resources, human resources, and capital.
- Understand the law of diminishing returns and its implications for production and costs.
Verified Answer
KK
Learning Objectives
- Understand the law of diminishing returns and its implications for production and costs.