Diminishing Returns to Labor Means That

question 113

Multiple Choice

Diminishing returns to labor means that

• A)the greater the amount of output, the less labor that is needed.
• B)as more labor is employed, total output declines.
• C)as more labor is employed, each additional worker produces less additional output.
• D)as more labor is employed, total output will increase.
• E)the greater the amount of output, the less additional labor that is needed.

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Definitions:

Variance

A statistical measure that represents the dispersion or spread of a set of data points around their mean.

Laws of Expected Value

Theorems in probability theory that describe the behavior of the expected value of a random variable, including properties like linearity.

Probability Distribution

This function computes the likelihood of various potential outcomes of an experiment.

Standard Deviation

A metric quantifying the extent of difference or scatter among a group of figures.