Which statement best illustrates the law of diminishing returns? Answer The aver

Question

Which statement best illustrates the law of diminishing returns? Answer The average total cost of the last unit of output produced is less than the average total cost of the preceding unit of output The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource The average product of the last unit of a resource used is less than the average product of the preceding unit of resource The marginal cost of the last unit of output produced is less than the marginal cost of the preceding unit of output Which statement best illustrates the law of diminishing returns? The average total cost of the last unit of output produced is less than the average total cost of the preceding unit of output The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource The average product of the last unit of a resource used is less than the average product of the preceding unit of resource The marginal cost of the last unit of output produced is less than the marginal cost of the preceding unit of output The average total cost of the last unit of output produced is less than the average total cost of the preceding unit of output The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource The average product of the last unit of a resource used is less than the average product of the preceding unit of resource The marginal cost of the last unit of output produced is less than the marginal cost of the preceding unit of output

Explanation / Answer

The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource.

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