If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits
If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
Related questions
Question
If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits
Group of answer choices
diminishing profitability.
increasing returns to scale.
increasing marginal product.
decreasing marginal product.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning