Assume That the Only Variable Resource Used to Produce Output

question 271

Multiple Choice

Assume that the only variable resource used to produce output is labor. Refer to the provided table. Diminishing marginal returns set in with the addition of the

• A) first unit of labor.
• B) second unit of labor.
• C) third unit of labor.
• D) fourth unit of labor.

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Definitions:

Unnecessary Costs

Expenses that could be avoided without a detrimental effect on the quality of goods or services offered.

Selective Breeding

The process of breeding plants or animals for specific genetic traits, with the aim of producing offspring with desired characteristics.

Genetic Qualities

Inherent attributes or characteristics passed from parents to offspring through genes.

Eugenics

A controversial and largely discredited science aimed at improving the genetic quality of the human population, often associated with discriminatory and unethical practices.