Multiple Choice
The term diminishing returns to labor means that
A) the wage rate falls as a person takes on more jobs.
B) total output decreases as one more unit of labor is applied to production.
C) the market value of labor decreases as more labor is supplied.
D) increases in output decline as additional units of labor are used in production.
E) the production of labor is becoming less profitable with decreasing real wages.
Correct Answer:
Verified
Correct Answer:
Verified
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