Isoquants Are Convex to the Origin Due To

question 46

Multiple Choice

Isoquants are convex to the origin due to:

• A)the law of diminishing marginal utility.
• B)the assumption of the diminishing marginal productivity of each input.
• C)the fact that as less capital is used, its marginal productivity falls.
• D)the fact that as more labor is used, its marginal productivity rises.

---

Definitions:

Nominal Data

Data categorized into discrete groups or categories that cannot be ordered in a meaningful way, used in statistical analysis to classify qualitative variables.

Routine Collection

The systematic and regular gathering of data or samples for analysis.

Customer Perceived Value

The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

Complaint Resolution

Complaint Resolution involves the process and methods used by organizations to address, solve, and respond to customer complaints, aiming to restore customer satisfaction.