The Observation That After Some Point, Successive Equal Size Increases

question 80

Multiple Choice

The observation that after some point, successive equal size increases in a variable factor of production, such as labor, added to fixed factors of production, will result in smaller increases in output is the

• A) law of diminishing marginal product.
• B) streamlining production function.
• C) consumer equilibrium.
• D) theory of increasing marginal utility.

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Definitions:

Location

Refers broadly to a position or point in physical space or within a mathematical, conceptual, or statistical framework.

Qualitative

Concerning, measuring, or described by the quality of something rather than its quantity.

Mean

A measure of central tendency that represents the average value of a dataset, obtained by dividing the sum of all the values by the number of values.

Median

The middle value in a data set, which divides it into two equal halves, or the value that occurs at the 50th percentile.