The Law of Diminishing Marginal Returns

Instructions:

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question 1 of 3

According to the law of diminishing marginal returns, at which point is the price for a good the highest?

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1. At which point should a producer stop producing goods, according to the law of diminishing marginal returns?

2. When would a price go below 0?

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About This Quiz & Worksheet

This quiz and worksheet will gauge your understanding of the Law of Diminishing Marginal Returns. Some of the terms you'll need to define for the quiz include the Law of Diminishing Marginal Returns, the Marginal Return Curve, and util.

Quiz & Worksheet Goals

Use these assessment tools to test your knowledge of:

  • Principles of the Law of Diminishing Marginal Returns
  • Marginal Return Curve
  • Utils

Skills Practiced

  • Making connections - use understanding of the concept of the Law of Diminishing Marginal Returns in different contexts
  • Defining key concepts - ensure that you can accurately define main phrases, such as Law of Diminishing Marginal Returns and util
  • Information recall - access the knowledge you've gained regarding the Law of Diminishing Marginal Returns

Additional Learning

Make sure to read the related lesson called 'The Law of Diminishing Marginal Returns'. The lesson covers the following objectives:

  • Define the Law of Diminishing Marginal Returns
  • Understand the key principles of the Law of Diminishing Marginal Returns
  • Explore the Marginal Return Curve
  • Describe utils
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