The law of diminishing returns applies in the short run.
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Q117: A production function shows the relationship between
Q118: Marginal physical product is defined as the
Q119: Fixed costs are those costs associated with
Q120: Fixed costs are those that do not
Q121: The law of diminishing returns asserts that,
Q123: Firms that have fixed costs do not
Q124: The productive resources used by firms have
Q125: The marginal physical product of labor is
Q126: The marginal physical product of labor declines
Q127: The law of diminishing returns sets in
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