Asked by Victoria Welch on Sep 23, 2024
Verified
According to the law of diminishing returns
A) Production increases at a decreasing rate
B) Production increases at a increasing rate
C) Production decreases at a decreasing rate
D) Production decreases at an increasing rate
Law of Diminishing Returns
An economic principle stating that if one factor of production is increased while other factors are held constant, the incremental output per unit of the increased factor will eventually decrease.
Decreasing Rate
A condition in which the rate or speed of a given process or phenomenon reduces over time.
Increasing Rate
A rate that accelerates or grows over time, often used in the context of compound interest, inflation, or the escalation of prices.
- Understand the concept of diminishing returns and how production rates change over time.
Verified Answer
Learning Objectives
- Understand the concept of diminishing returns and how production rates change over time.
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