Average physical product measures the increase in total output that results from a one-unit increase in an input.
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Q7: In the short run the firm has
Q8: Marginal revenue product equals the marginal physical
Q9: The "law" of diminishing returns asserts that
Q10: In the long run, more costs become
Q11: For most firms, the short run is
Q13: Marginal revenue product is the effect of
Q14: The "law" of diminishing returns is what
Q15: Average physical product measures the output per
Q16: Total physical product shows what happens to
Q17: The long run is a period long
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