Multiple Choice
The law of diminishing returns implies that:
A) a given percentage increase in all inputs leads to that same percentage increase in output.
B) the proportional increase in output is larger than the underlying proportional increase in inputs.
C) output increases at a rate less than the proportionate increase in inputs.
D) none of these.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: The production function Q = -64X0.5Y0.4 exhibits:<br>A)constant
Q2: An irrational employment policy is indicated if
Q3: Technical efficiency and optimal input proportions are
Q4: For a continuous total product function, average
Q5: The marginal revenue product concept describes the:<br>A)profit
Q6: If PX = €75,000, MPX = 300
Q7: Economic efficiency and optimal input use is
Q9: When PX = €50, MPX = 5
Q10: If PX = €60,000, MPX = 300