In Figure 21

question 81

Multiple Choice

In Figure 21.1, diminishing marginal returns first occur with the

• A)Fifth worker.
• B)Fourth worker.
• C)Third worker.
• D)Second worker.

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Definitions:

Transformation

The process of changing or converting one form or state of something into another, often seen in manufacturing and industry.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to consume or produce one good or service over another.

Ppf

The Production Possibility Frontier, a curve depicting the maximum output possibilities for two goods, given available resources and technology.

Efficiently

The method of performing or functioning in the best possible manner with the least waste of time and effort.