Author Question: Diminishing marginal product means that ________. A) when adding extra units of a single input, ... (Read 59 times)

hubes95 · **on:** Jun 30, 2018

Diminishing marginal product means that ________.

A) when adding extra units of a single input, output increases become smaller
B) when adding extra units of a single input, output increases become larger
C) when adding extra units of a single input, output declines
D) the amount of output increases when we add more inputs
E) none of the above

Question 2

Indifference curves describe ________.

A) the relationship between current and future income
B) the utility received by an individual consumer
C) the relationship between utility and income
D) productivity levels