Suppose the production function for the country of Westlandia is Q = K + L, where Q is output, K is capital, and L is labor. Which of the following statements is true about this production function?

Westlandia could achieve economic growth with labor alone.

Labor exhibits diminishing marginal returns.

Capital exhibits diminishing marginal returns

All of the above statements are true.

Question

chloeroebuck2021 chloeroebuck2021

06-03-2022
Social Studies

Answered

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Suppose the production function for the country of Westlandia is Q = K + L, where Q is output, K is capital, and L is labor. Which of the following statements is true about this production function?

Westlandia could achieve economic growth with labor alone.

Labor exhibits diminishing marginal returns.

Capital exhibits diminishing marginal returns

All of the above statements are true.

Sagot :

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