Multiple Choice QuestionAs one more additional variable input such as labor is applied to fixed capital such as plant and equipment, the marginal product, or additional output, will fall. This describes the law of Blank______.Multiple choice question.supplyincreasing returnsdiminishing returnsdemand

Multiple Choice QuestionThe decreasing marginal product from the addition of one additional unit of labor is due to which of the following?Multiple choice question.The law of diminishing marginal utilityThe law of diminishing returnsThe law of supplyThe law of demand

Multiple Choice QuestionThe extra or additional output that is produced as a result of adding one more unit of labor or variable input is called the Blank______.Multiple choice question.physical productmarginal producttotal productmarginal labor

Multiple Choice QuestionDiminishing marginal returns imply that beyond a certain point Blank______.Multiple choice question.the marginal costs of a firm declineeconomies of scale occurthe marginal product of labor declinesthe output of a firm expands

Multiple Choice QuestionThe imperfect competitor's relative reluctance to employ more resources and produce more output when resource prices fall reflects its Blank______.Multiple choice question.marginal revenue first rising and then fallingrising marginal coststendency to restrict output in the product marketfalling marginal costs

In the short run, the law of ______________ explains that as more units of a variable input (i.e. labour or raw materials) are added to the fixed amounts of land and capital, the change in total output initially will rise and then fall.a.Increasing returnsb.Diminishing returnsc.Constant returnsd.Marginal returns