Figure 13-3 -Refer to Figure 13-3. Which of the Following Is True

question 342

Multiple Choice

Figure 13-3
-Refer to Figure 13-3. Which of the following is true of the production function (not pictured) that underlies this total cost function? (i)
Total output increases as the quantity of inputs increases but at a decreasing rate.(ii)
Marginal product is diminishing for all levels of input usage.(iii)
The slope of the production function decreases as the quantity of inputs increases.

• A)(i) only
• B)(ii) and (iii) only
• C)(i) and (iii) only
• D)(i), (ii), and (iii)