Diminishing marginal returns occurs as a firm adds more variable inputs to at least one fixed input because:
A. The ability or quality of the variable inputs hired decreases as more are hired
B. The firm must lower the price of its product when it produces more units of output
C. The per unit cost it must pay for variable inputs increases as more inputs are hired
D. As more variable inputs are hired, the amount of the fixed input per variable input decreases
D. As more variable inputs are hired, the amount of the fixed input per variable input decreases
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The General Agreement on Tariffs and Trade is an international agreement
A) that outlaws all tariffs but permits quotas. B) to encourage world trade by lowering tariffs and other trade barriers. C) to encourage world trade by lending resources to developing countries. D) between the United States and Japan that has never been ratified, resulting in several trade wars with Japan.
Which of the following is true about government activity in the United States?
a. Macroeconomic policy is handled mainly at the state level. b. Higher education is handled mainly at the national level. c. Primary and secondary education is handled mainly at the local level. d. Primary and secondary education is handled mainly at the national level. e. Police and fire protection are handled mainly at the state level.