When the slope of a country's production set declines, it ...

[Mr.Thesaxman]

When the slope of a country's production set declines, it implies:
 a. the production set has shrunk.
  b. the marginal cost of producing the good measured on the Y-axis has fallen.
  c. the marginal cost of producing the good measured on the Y-axis has increased.
  d. the marginal cost of producing the good measured on the X-axis has fallen.

Question 2

As long as there are fixed resources, diminishing marginal returns will never exist.
 a. True
  b. False
  Indicate whether the statement is true or false

[nyrave]

Answer to Question 1

D

Answer to Question 2

False