The More Any Given Resource Is Applied to Production,the Lower

question 2

Multiple Choice

The more any given resource is applied to production,the lower the marginal gain in output,until a point is reached where the additional inputs produce no additional output.This is referred to as

• A)the point of no return.
• B)the law of diminishing returns.
• C)supply and demand.
• D)network inelasticity.
• E)the invisible hand.

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Definitions:

Promisor

An individual or entity that makes a promise or agreement to perform a particular action in a contract.

Delegatee

An individual or party to whom duties or authority have been delegated by another, known as the delegator.

Incidental Beneficiary

A third party who benefits from a contract between two other parties, but for whom the benefit was not the contract's primary intent.

Intended Beneficiary

A person or entity that is specifically designated to benefit from a contract, even though they are not a direct party to that contract.