Diminishing Marginal Product of Labour Is Said to Exist When

question 115

Multiple Choice

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

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

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Definitions:

Procedural Justice

The fairness and transparency in the processes that lead to outcomes or decisions, influencing perceptions of fairness in organizational and legal settings.

Distributive Justice

The perceived fairness in the allocation of resources or rewards within an organization or society.

Interactional Justice

The perceived fairness and respect with which individuals are treated within interpersonal interactions in the workplace.

Capitalistic Economic Society

A Capitalistic Economic Society operates on the principles of free markets where businesses are privately owned, and the production and distribution of goods are driven by supply and demand.