Question

Which of the following properties of an iso-quant is due to diminishing marginal rate of technical substitution? *

1 point

a) Negative slope

b) Right angle

c) Does not intercept axes

d) Convexity

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Answer 1

Answer:

Which of the following properties of an iso-quant is due to diminishing marginal rate of technical substitution? *

1 point

a) Negative slope

b) Right angle

c) Does not intercept axes

d) Convexity

Answer 2

(B) Negative slope would be the properties of an iso-quant due to the diminishing marginal rate of technical substitution.

• The law of diminishing marginal utility is very interesting and easy to understand the law which is very common in our daily lives.it states that when a person keeps on consuming the same product with the same characteristics the want satisfying capacity of a product increases reaches its maximum and then falls

For example, when a person consumes a mango he would be happy with 1 2, or 3 but when he eats the 4th or the 5th mango he is completely saturated and the want satisfying power of mango is no longer there.