For a production function with a diminishing, but positive, marginal product of labor: A. Output increases...
For a production function with a diminishing, but positive, marginal product of labor:
A. Output increases at an increasing rate as more workers are employed
B. Output increases at a decreasing rate as more workers are employed.
C. Output declines as more workers are employed.
D. The effects on marginal product are unknown.
Homework Answers
Answer
Option B
B. Output increases at a decreasing rate as more workers are employed
The diminishing returns occur when the marginal output of an extra input decreases as input increases but the total output increases by the decreasing rate.
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For a production function with a diminishing, but positive,
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