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.
Homework Answers
At least one of the other inputs is fixed.- is correct
Diminishing marginal returns is based on the assumption that at least one of the inputs is fixed.
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The law of diminishing returns suggests that, in the short run,
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1). Describe the law of eventually diminishing marginal returns. Does this law occur in the short...
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