The Idea That the More Any Given Resource Is Applied

question 3

Multiple Choice

The idea that the more any given resource is applied to production,the lower the marginal gain in output,until a point is reached where the additional inputs produce no additional value,is referred to as:

• A)the point of no return.
• B)the law of diminishing returns.
• C)supply and demand.
• D)network inelasticity.
• E)virtual economics.

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Definitions:

Alternative Hypotheses

A statement that directly contradicts the null hypothesis, suggesting that there is a significant difference or effect.

Population Mean

The average value of all the members of a population.

F Table

A table used in statistics to determine the critical values of the F-distribution, useful in analysis of variance (ANOVA).

Degrees Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, often associated with the number of independent pieces of information available to assess a parameter or fit a model.