If the single-input producer choice set is convex, the marginal product of labor curve must have a negative slope that is getting steeper with increases in labor input.

Question

Quizplus · Accepted Answer

A convex single-input producer choice set implies diminishing marginal returns to labor, which means the marginal product of labor curve slopes downward, but it does not specify that the slope must get steeper with increases in labor input; it only indicates that the marginal product decreases.

If the Single-Input Producer Choice Set Is Convex, the Marginal