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Answer - False, the law of diminishing marginal productivity explains why short run production costs increases directly with a firm's level of output.
Explanation- The law of diminishing marginal productivity states that as we employ more and more units of an input then the productivity declines with the increase in labor. It means as more and more labor is hired then the output increase but less than the increase in an input as a labor by keeping other factor constant such as capital, land etc.
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Saved The law of diminishing marginal productivity explains why short-run production costs increase directly with a...
Question 19 The law of diminishing marginal returns explains the general shape of the firm's a...
Question 19 The law of diminishing marginal returns explains the general shape of the firm's a short-run cost curves. ob the laws of diminishing returns has nothing to do with cost curves c. long-run cost curves! d. both short-run and long-run cost curves.
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because of a. diseconomies of scale. b. diminishing marginal revenues. c. rising fixed costs. d. increasing marginal productivity of variable inputs. e. diminishing marginal returns. . If the long-run average cost of production falls as the firm increases its level of output, then the firm exhibits a. constant returns to scale. b. constant marginal costs. c. economies of scale. d. diseconomies of scale. e. diminishing...
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.
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.
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...
Which of the following is a long-run concept? A. Diminishing marginal productivity. B. Diminishing returns. C....
Which of the following is a long-run concept? A. Diminishing marginal productivity. B. Diminishing returns. C. Diseconomies of scale. D. Fixed costs.
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because of: A diminishing marginal revenues B diseconomies of scale C increasing marginal productivity of variable inputs. D diminishing marginal returns E. rising fixed costs rising fixed costs
1. a) Suppose a firm has short-run productivity data as shown in the table below. This...
1. a) Suppose a firm has short-run productivity data as shown in the table below. This firm is experiencing diminishing marginal product over this range of labour input: Labour (Hours) Total Product (Output) 14 50 15 70 16 80 Is this true, false, or uncertain? If so, please explain why in detail. b) If the firm from A3-3 pays its workers $20/hour, then the firm experiences increasing marginal cost between output levels 50 and 80. [Hint: An approximation of MC...
In the short run the classical production function is concave. What property best explains why? a...
In the short run the classical production function is concave. What property best explains why? a diminishing marginal returns b the classical dichotomy c crowding out d constant returns to scale 2. Which of the following will shift the aggregate demand curve in the classical model? a an increase in investor bearishness b an increase in government spending c a decrease in taxes d an increase in the money supply 3. Laissez-fair doctrine is interpreted as? a government management is...
1 Which key principal explains the positively sloped portion of the short-run marginal cost curve? 2....
1 Which key principal explains the positively sloped portion of the short-run marginal cost curve? 2. What is happening to marginal cost as marginal product is rising? 3. Comment on the following statement: Assume a firm’s short-run marginal cost is less than the short-run average cost. If the firm increases its output level, will the firm’s average cost increase or decrease? Explain relative to marginal cost.
Question 19 The law of diminishing marginal returns explains the general shape of the firm's a short-run cost curves. ob the laws of diminishing returns has nothing to do with cost curves c. long-run cost curves! d. both short-run and long-run cost curves.
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...
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