The law of diminishing returns
A) holds both in the short run and the long run.
B) does not hold in the short run because of fixed costs.
C) does not hold in the long run because there are no fixed inputs in the long run.
D) does not apply to goods produced by hand.
Correct Answer:
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Q51: Short-run cost relationships for a firm are
A)
Q52: The long-run is
A) the time period in
Q53: What is on the horizontal axis when
Q54: What is on the horizontal axis when
Q55: The law of diminishing returns explains
A) the
Q57: In a traditional cost structure, marginal cost
A)
Q58: Which one of the following would NOT
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