Question

​The law of diminishing marginal productivity states that​:________.

a. As you expand output, your marginal productivity eventually increases
b. ​As you expand output, your marginal productivity eventually declines
c. ​As you expand output, the total product eventually increases
d. None of the above
2. What are economies of scale? ​
a. decreasing average costs as production increases
​b. increasing average costs as production increases
c. ​increasing fixed costs as production increases
d. ​none of the above
3. What are economies of scope?
a. ​lower average costs when multiple different products are produced
​b. higher average costs when multiple different products are produced
​c. Constant average costs when multiple different products are produced
​d. none of the above ​

Answer 1

b. ​As you expand output, your marginal productivity eventually declines

a. decreasing average costs as production increases

a. ​lower average costs when multiple different products are produced

Step-by-step explanation:

The law of diminishing marginal returns states that as more unit of variable factors of production are added to production, output would increase at first but after a period, it would increase at a negative rate.

Economies of scale is the reduction in cost thay accrue to firms as they increase production. For example, a supplier might give a firm a discount for buying in bulk.

Economies of scope states that average cost would fall as the production of similar products increases. For example, a fashion designer who makes women's clothings decides to make scarfs with the scraps of clothes left.

I hope my answer helps you