Social Studies, 09.03.2022 22:40 omojay3103

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.

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