The Marginal Product of Labour Initially ________ and Eventually ________

question 101

Multiple Choice

The marginal product of labour initially ________ and eventually ________.The average product of labour initially ________ and eventually ________.

• A)increases;decreases;increases;decreases
• B)decreases;increases;decreases;increases
• C)increases;decreases;decreases;increases
• D)decreases;increases;increases;decreases
• E)increases;is constant;increases;decreases

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Definitions:

Perfect Substitutes

Products or services that can be used in exactly the same way by the consumer and that are perceived as identical in satisfying an individual's needs or desires.

Perfect Complements

Goods that are consumed together in fixed proportions to fulfill a specific utility.

Convex Preferences

A set of consumer preferences that exhibit a specific property where mixtures of goods are preferred over singular extremes, displaying a curve outward towards the origin on a utility graph.

Weakly Convex

Describes a curve or set in geometry and mathematical functions that bulges outward less sharply than a perfectly convex shape, often applied in optimization problems.