The Law of Diminishing Marginal Product Indicates That

question 129

Multiple Choice

The law of diminishing marginal product indicates that

• A) average product will eventually decrease.
• B) marginal product will eventually decrease.
• C) total product will eventually decrease.
• D) resources are inefficient.

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Definitions:

Body Panels

External components or parts of a vehicle's body structure, such as doors, hoods, and fenders, usually made from metal or composite materials.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.

Gasoline

A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Refinery Workers

Individuals employed in the industrial process of converting raw materials, such as crude oil, into more valuable products like gasoline and diesel.