Marginal Production Flashcards
1
Q
The Law of Diminishing Returns:
A
Looks at what happens to marginal production when only one input is increased
2
Q
Marginal Production
A
The additional output created as a result of increasing one or more inputs.
3
Q
Graphing production possibilities deals with
A
The relationship between two outputs (products like pizzas and cars)
4
Q
Graphing marginal production deals with
A
The relationship between inputs (land, labour, capital) and the resulting output (cars)
5
Q
A
