The Property of Diminishing Marginal Product Means That, After a Point

question 46

Multiple Choice

The property of diminishing marginal product means that, after a point, when additional quantities of:

• A)a factor are added, output diminishes.
• B)both labor and capital are added, output diminishes.
• C)both labor and capital are added, the marginal product of labor diminishes.
• D)a factor are added when another factor remains fixed, the marginal product of the first factor diminishes.

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Definitions:

Growth Rate

The rate at which an organism or any of its parts increases in size or number over a specific period.

Population

A group of individuals of the same species living and interacting in the same geographical area.

Exploitation Competition

Intraspecific competition in which all the individuals in a population “share” the limited resource equally so that at high population densities none of them obtains an adequate amount. Also called scramble competition. Compare with interference competition.

Oscillate

To move or swing back and forth at a regular speed, or to vary between opposing beliefs, feelings, or theories.