Phil Found That as He Continued to Crowd Laborers into His

question 52

Multiple Choice

Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each additional laborer was beginning to fall off. This is an example of the

• A) law of increasing opportunities.
• B) law of demand.
• C) law of diminishing marginal utility.
• D) law of diminishing product.

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Definitions:

Relative Frequency

The ratio of the number of times a particular value occurs in a set of data to the total number of observations.

Business Administration

The management and organization of business operations and decision-making processes in companies and organizations.

Majoring

The process of specializing in a particular field or area of study within a broader educational program.

Graphical Device

A tool or mechanism used to create, design, or display data and information in a visual format.