The Law Stating That If the Quantity of a Variable

question 136

Multiple Choice

The law stating that if the quantity of a variable factor of production is increased, with the quantities of all other factors given, the marginal product of the variable factor will eventually decline is the law of:

• A) demand.
• B) supply.
• C) decreasing average production.
• D) diminishing marginal returns.

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Definitions:

Population Proportion

The fraction of individuals in a population who have a particular characteristic.

Confidence Intervals

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.

Point Estimates

Statistical measures that provide the best single estimation of an unknown population parameter.