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Q 19 Option a
Diminishing returns is concerned with short run average cost curve, where one of the variable is kept increasing and other variables are fixed.
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Question 19 The law of diminishing marginal returns explains the general shape of the firm's a...
What is the difference between "diminishing marginal returns" and "diseconomies of scale"? a. Both concepts explain...
What is the difference between "diminishing marginal returns" and "diseconomies of scale"? a. Both concepts explain why marginal cost increases after some point but diminishing marginal returns applies only in the short run when there is at least one fixed factor, while diseconomies of scale applies in the long run when all factors are variable. b. Both concepts explain why average total cost increases after some point but diminishing marginal returns applies only in the short run when there is...
1). Describe the law of eventually diminishing marginal returns. Does this law occur in the short...
1). Describe the law of eventually diminishing marginal returns. Does this law occur in the short run or in the long run. Why? Will a profit maximizing firm ever operate in the range of diminishing returns. Explain your answer.
Saved The law of diminishing marginal productivity explains why short-run production costs increase directly with a...
Saved The law of diminishing marginal productivity explains why short-run production costs increase directly with a firm's level of output True or False True False
What is the law of diminishing returns and what does it explain the shape of the...
What is the law of diminishing returns and what does it explain the shape of the short run average cost curve.
Which of the following statements about the law of diminishing returns are Correct? The law of...
Which of the following statements about the law of diminishing returns are Correct? The law of diminishing returns says that a firm’s marginal cost curve will eventually slope upwardly as it produce more and more output. The existence of fixed inputs ensures that the law of diminishing returns will eventually set in as more variable inputs are added to the production. The law of diminishing returns ensures that diseconomies of scale will eventually set in as more inputs are added...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable input and changes in output B. that concerns the long run C. that concerns changes in profits D. that relates to plant size 2. What does it mean to say that health care may be subject to diminishing returns? A. Health care costs are expensive B. New technology has improved lives, but not by much C. Eventually, higher individual spending on healthcare won’t improve...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
The law of diminishing returns suggests that, in the short run, the marginal product of a...
The law of diminishing returns suggests that, in the short run, the marginal product of a variable input eventually diminishes because: at least one of the other inputs is fixed. demand is too weak to allow a firm to sell additional output. none of the other inputs is fixed. all inputs are being increased at the same time.
Which of the following statements about the law of diminishing returns are Correct? pick one The...
Which of the following statements about the law of diminishing returns are Correct? pick one The law of diminishing returns says that a firm’s marginal cost curve will eventually slope upwardly as it produce more and more output. The existence of fixed inputs ensures that the law of diminishing returns will eventually set in as more variable inputs are added to the production. The law of diminishing returns ensures that diseconomies of scale will eventually set in as more inputs...
Which of the following production functions is consistent with the law of diminishing marginal returns? OA...
Which of the following production functions is consistent with the law of diminishing marginal returns? OA ОВ. D C do Output a Labor input. Labinput.
Saved The law of diminishing marginal productivity explains why short-run production costs increase directly with a firm's level of output True or False True False
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
Which of the following production functions is consistent with the law of diminishing marginal returns? OA ОВ. D C do Output a Labor input. Labinput.
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