In the Table Below, Diminishing Marginal Product Is First Evident $$\begin{array} { c c } \hline \text { Labor } & \text { T-shirts } \\\hline 3 & 50 \\4 & 70 \\5 & 100 \\6 & 120 \\7 & 130 \\8 & 120\end{array}$$

question 126

Multiple Choice

In the table below, diminishing marginal product is first evident with the addition of the ____ worker. $$\begin{array} { c c } \hline \text { Labor } & \text { T-shirts } \\\hline 3 & 50 \\4 & 70 \\5 & 100 \\6 & 120 \\7 & 130 \\8 & 120\end{array}$$

• A)5
• B)6
• C)7
• D)8

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Definitions:

Prices Rise

A situation in which the cost of goods and services increases, affecting purchasing power.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used to isolate the effect of one variable in economic analysis.

Law Of Demand

An economic principle stating that as the price of a good increases, demand for that good decreases, and vice versa, all else being equal.

Prices Fall

A market condition where the cost of goods and services decreases over time.