Explain the difference between diminishing returns to labor and diminishing marginal returns to labor
What will be an ideal response?
Diminishing returns to labor means that an increase in the number of labor units will decrease the amount of output. Diminishing marginal returns means that additional units of labor increase output at a decreasing rate.
Economics
You might also like to view...
The market demand curve shows the relationship between the price and the quantity demanded by all consumers, everything else being equal
Indicate whether the statement is true or false
Economics
One reason why it is very difficult to write optimal military procurement contracts is because _____
a. there are numerous possible producers b. the military purchases many goods c. new technology often has to be developed d. there are many possible consumers of the product
Economics