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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.

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cecylya

Answer:

The correct answer is d) The production function gets flatter, while the total-cost curve gets steeper.

Explanation:

Diminishing marginal product explains why, as a firm's output increases, The production function gets flatter, while the total-cost curve gets steeper.

A firm is producing x amount of units at a total cost of Y. If it were to increase production in 1 units, its total cost would rise.

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