The law of diminishing return holds that as additional increments of resources are:
a. added to a certain purpose, the marginal benefit from those additional increments will remain flat.
b. removed to a certain purpose, the marginal benefit from those additional increments will decline.
c. added to a certain purpose, the marginal benefit from those additional increments will incline.
d. added to a certain purpose, the marginal benefit from those additional increments will decline.
d. added to a certain purpose, the marginal benefit from those additional increments will decline.
The law of diminishing return holds that as additional increments of resources are added to a certain purpose, the marginal benefit from those additional increments will decline.
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor demanded?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
Suppose that the average price of refrigerators has fallen over the past few years, yet the refrigerator companies have offered more and more of them for sale. Does this mean that the supply curve for refrigerators is downward sloping? Explain
When total spending is less than production, GDP will decrease.
Answer the following statement true (T) or false (F)
If someone can produce a good at a lower opportunity cost, she ________ in producing that good.
A. experiences no marginal costs B. has an absolute advantage C. has a comparative advantage D. experiences no diminishing returns