Figure 13-3
-Refer to Figure 13-3. Which of the following is true of the production function (not pictured) that underlies this total cost function? (i)
Total output increases as the quantity of inputs increases but at a decreasing rate.(ii)
Marginal product is diminishing for all levels of input usage.(iii)
The slope of the production function decreases as the quantity of inputs increases.
A)(i) only
B)(ii) and (iii) only
C)(i) and (iii) only
D)(i), (ii), and (iii)

Question

Figure 13-3 
-Refer to Figure 13-3. Which of the following is true of the production function (not pictured) that underlies this total cost function? (i)
Total output increases as the quantity of inputs increases but at a decreasing rate.(ii)
Marginal product is diminishing for all levels of input usage.(iii)
The slope of the production function decreases as the quantity of inputs increases.
A)(i) only 
B)(ii) and (iii) only 
C)(i) and (iii) only 
D)(i), (ii), and (iii)

Quizplus · Accepted Answer

All statements describe characteristics of a production function with diminishing marginal returns, where output increases at a decreasing rate as inputs increase, marginal product diminishes, and the slope decreases with more inputs.

Figure 13-3 -Refer to Figure 13-3. Which of the Following Is True