If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases.

Question

If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases.
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Quizplus · Accepted Answer

When the production function exhibits diminishing marginal product, it means that as more units of a variable input are added, the additional output produced by each new unit of input decreases. This leads to an increase in the marginal cost of production as output increases, making the total cost function steeper.

If the Production Function Exhibits Diminishing Marginal Product, the Total