Multiple Choice
When an additional unit of a variable factor of production adds less to total product than the previous unit, the firm must be experiencing:
A) increasing returns.
B) diminishing marginal returns.
C) diminishing average returns.
D) both B and C.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q204: The marginal product of labor is:<br>A) the
Q205: The slope of a long-run average cost
Q206: At 125,000 units of output, a firm's
Q207: If a firm produces 10 units of
Q208: Use the following for questions 37-43.<br>Exhibit: Total
Q210: Given constant quantities of all other factors,
Q211: The sum of fixed and variable costs
Q212: At 150,000 units of output, a firm's
Q213: A fixed factor of production is defined
Q214: As compared to consumer choice theory, the