Diminishing Marginal Product of Labour Is Said to Exist When

question 98

Multiple Choice

Diminishing marginal product of labour is said to exist when there is

• A)an increase in the division and specialization of labour.
• B)a reduction in the level of labour input that causes output to increase.
• C)a successively smaller increase in output with each successive unit increase in labour input.
• D)an increase in the amount of capital available for each unit of labour.
• E)technological advancement.

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Definitions:

Negative Reference Group

A group with which an individual identifies but wants to avoid belonging to due to its negative characteristics or values.

Internal Designation Group

A group formed within an organization or community based on assigned or self-selected identifying factors.

Positive Reference Group

A group to which an individual aspires or looks up to, which positively influences their behavior and attitudes.

Conforming Norm

A rule or standard of behavior that individuals in a society are expected to follow in order to fit in or be accepted by the group.