Assume that the only variable resource used to produce output is labor. Refer to the provided table. With diminishing marginal returns, if the firm hires seven units of labor, which of the following numbers would most probably be the total product?
A)40
B)39
C)42
D)37

Question

Assume that the only variable resource used to produce output is labor.  Refer to the provided table. With diminishing marginal returns, if the firm hires seven units of labor, which of the following numbers would most probably be the total product?
A)40 
B)39 
C)42 
D)37

Quizplus · Accepted Answer

The Answer of Assume that the only variable resource used to produce output is labor.  Refer to the provided table. With diminishing marginal returns, if the firm hires seven units of labor, which of the following numbers would most probably be the total product?
A)40 
B)39 
C)42 
D)37

Assume That the Only Variable Resource Used to Produce Output