Question

Initially, the total product curve is_______
exponential

concave

derived

convex

Answer 1

The total product curve is typically described as **concave**. This shape reflects the principle of diminishing returns, where each additional unit of input results in smaller increases in output after a certain point. In the beginning, as more units of input are added, total product increases at an increasing rate (convex); however, after reaching a certain level of input, the rate of increase slows down, resulting in a concave shape.