Consider a two-input production function, one of which is increasing while the other is fixed. At the point of diminishing returns, output will
A) increase at an increasing rate. B) decrease at a decreasing rate.
C) decrease at an increasing rate. D) increase at a decreasing rate.
D
Economics
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A positive externality will cause a market to produce: a. more than the efficient equilibrium output level. b. iless than the efficient equilibrium output level. c. the efficient equilibrium output level
d. None of the above.
Economics
Suppose the goal of a union is to maximize the total income of all workers it represents. In this case it will probably aim for a wage at which the elasticity of demand for workers is
a. 0. b. infinite. c. 1. d. ranging from 2 to 5.
Economics