In the Following Table, Diminishing Marginal Returns Begin with the Addition

question 149

Multiple Choice

In the following table, diminishing marginal returns begin with the addition of the _____ worker.
$\begin{array}{|l|l|}\hline \text { Labor } & \text { Quantity of Chairs Produced } \\\hline 1 & 8 \\\hline 2 & 19 \\\hline 3 & 34 \\\hline 4 & 43 \\\hline 5 & 49 \\\hline 6 & 51 \\\hline 7 & 50 \\\hline\end{array}$

• A) second
• B) fourth
• C) sixth
• D) seventh

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Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of the good supplied.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied responds infinitely at a particular price level but is zero at any other price level.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full adjustment to changes.

Consumer Demand

The desire and willingness of consumers to purchase goods and services at given prices, which can fluctuate based on a variety of factors including income and preferences.