The "law" of diminishing returns asserts that marginal returns will ultimately diminish when the quantity of one input is increased.
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Q4: Fixed cost increases when output rises.
Q5: Total physical product is the quantity of
Q6: In the short run, a firm has
Q7: In the short run the firm has
Q8: Marginal revenue product equals the marginal physical
Q10: In the long run, more costs become
Q11: For most firms, the short run is
Q12: Average physical product measures the increase in
Q13: Marginal revenue product is the effect of
Q14: The "law" of diminishing returns is what
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