The Law of Diminishing Marginal Returns Is

question 40

Multiple Choice

The law of diminishing marginal returns is

• A)the same concept as economies of scale.
• B)another name for the law of diminishing marginal utility.
• C)important for long-run economic analysis.
• D)relevant to the production of goods, but not services.
• E)none of the above

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Definitions:

Global Stratification

The hierarchical arrangement and classification of societies or countries based on indicators such as wealth, economic status, access to resources, and power.

Fertility Rates

The average number of children that would be born to a woman over her lifetime, based on current age-specific fertility rates.

Societal Burden

A term that describes the overall impact of social problems, including economic costs and negative effects on well-being, on a community or society.

Global Inequality

The unequal distribution of resources and opportunities among countries or regions across the world.