Consider the following units of variable input--1, 2, 3, 4, and 5--and the corresponding total outputs are 8, 16, 24, 31, and 36, respectively. At what point do diminishing marginal returns set in?A.first unit of inputB.third unit of inputC.second unit of inputD.fifth unit of inputE.fourth unit of input

According to the law of diminishing marginal returnsMultiple Choicethe additional product generated by additional units of an input will eventually diminish.the additional inputs necessary to produce an additional unit of output will diminish.employing additional inputs will diminish total product.total product will fall and then rise as additional units of an input are employed.

The law of diminishing marginal productivity states that, as more of a variable input is added to a fixed input, the:Question 5Answera.Marginal product of the variable input will eventually decrease.b.Total product will increase indefinitely.c.Average total cost will decrease.d.Fixed input will become variable.

If equal increments of one variable input are added while keeping the amounts of all other inputs fixed, andincreasing additions to total product occur, then:A) diminishing marginal returns have begun.B) the output level where marginal product is maximized has not yet been reached.C) average product has reached its maximum.D) average product is at its minimum.E) average product is declining

The law of diminishing marginal returns means that when one uses more and more of an input:

The units of variable input (let's use labor in this case) in a production process are 1, 2, 3, 4, and 5. The corresponding total outputs are 8, 16, 24, 31, and 37, respectively. The marginal product for the fourth unit is:A.4B.36C.8D.7E.6