Multiple Choice
The following question are based on the following information:
A firm uses inputs of labor, fertilizer, and land to produce strawberries (which are sold to wholesalers and processors) . The quantity of land used is fixed at eight acres per season and the production function implies the relationships in the following table:
-It can be said that this firm experiences diminishing returns beyond the employment of the ________ unit of labor.
A) first
B) second
C) third
D) fourth
E) fifth
Correct Answer:

Verified
Correct Answer:
Verified
Q20: The following question are based on the
Q21: The law of diminishing marginal returns CANNOT
Q22: A production function<br>A) shows the functions of
Q23: The following question are based on the
Q24: The distinction between the short run and
Q26: A legal form of business organization that
Q27: In the short run<br>A) all of the
Q28: If the ratio of the marginal product
Q29: The use of computerized photo composition methods
Q30: An input whose quantity is unaffected as