The Law of Diminishing Marginal Returns States

question 88

Multiple Choice

The law of diminishing marginal returns states:

• A)As the size of a plant increases,marginal product eventually decreases.
• B)As the size of a firm's plant increases,average cost eventually decreases.
• C)As a firm uses more of a variable factor of production,with a given quantity of the fixed factor of production,the marginal product of the variable factor eventually diminishes.
• D)As a firm uses more of a variable factor of production,its average cost eventually decreases.
• E)As a firm uses more of a variable factor or production,total product eventually decreases.

---

Definitions:

Personal Representative

A personal representative is an individual appointed to administer the estate of a deceased person, managing and distributing the estate's assets according to the will or, if there is no will, in accordance with state laws.

Administrator

The personal representative appointed by a probate court to settle the estate of a deceased person who died intestate (without leaving a valid will).

Decedent

A legal term used to refer to a person who has died, especially concerning their estate or possessions left behind.

Executor

A person named in a will who is charged with managing the estate of the deceased, ensuring that their wishes are carried out according to the will.