Question

What happens when a production function exhibits a diminishing, but positive, marginal product of labor?

Answer 1

When a production function exhibits a diminishing, but positive, marginal product of labor, a. output increases, but at an increasing rate, as more workers are employed.

Hire means to use something or hire someone to work. You can use a saw to cut a board or hire a tutor to teach you math. You can even use your talents in your studies and activities. The Latin employment source is the word imprecate, which literally means to envelop or connect.

He or she works full-time or part-time for his employer and receives remuneration for his services. You don't have to work full time to be considered an employee. The only way you qualify as an employee is if you work for your employer and get paid for it.

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