Principles of Microeconomics
Principles of Microeconomics
Diminishing marginal product explains why, as a firm’s output increases.
a. the production function and total-cost curve both get steeper.
b. the production function and total-cost curve both get flatter.
c. the production function gets steeper, while the total-cost curve gets flatter.
d. the production function gets flatter, while the total-cost curve gets steeper.
Option (d):
When the marginal product of an input decreases as the quantity of the input increases, then the production function gets flatter, and the slope of the production function decreases. This causes the total-cost curve became steeper.
Option (a):
In a diminishing marginal product, the production function becomes flatter when the quantity of input increases, but the total cost curve will become steeper. Thus, option ‘a’ is incorrect...
Chapter 13 Solutions
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