As Successive Equal Increases in a Variable Factor of Production

question 158

Multiple Choice

As successive equal increases in a variable factor of production are added to fixed factors of production, there will be a point beyond which the extra product that can be attributed to each additional unit of the variable factor of production will decline. This is known as the law of

• A) diminishing total product.
• B) diminishing average product.
• C) diminishing marginal product.
• D) decreasing product.

Identify the roles and specializations of different types of psychologists.

Comprehend different psychological perspectives and their approach to understanding behavior.

Recognize how psychological research is integrated with other disciplines.

Learn about the biopsychosocial approach and its importance in psychology.

---

Definitions:

Repayment

The act of paying back money that was borrowed.

Mortgage

A secured loan where the borrower pledges real estate as collateral to secure repayment to the lender, often used to purchase property.

Security Interest

A legal right granted by a debtor to a creditor over the debtor's property to secure the repayment of a debt or performance of some other obligation.

Real Property

Land and anything permanently affixed to it, such as buildings and trees.