The reason for the existence of the law of diminishing marginal returns is that
A) as production expands,the firm is forced to hire low-quality workers.
B) firms become less efficient as they produce more.
C) workers become fatigued as they are required to produce more.
D) equipment breaks down more frequently as production expands.
E) increasingly more workers must share the same workspace and tools.
Correct Answer:
Verified
Q1: To produce 150 units of output,the firm
Q2: The law of diminishing marginal returns
A) holds
Q3: A variable factor of production
A) is fixed
Q4: Profit is the
A) difference between total revenue
Q6: Which of the following factors of production
Q7: Which of the following factors of production
Q8: Profit maximization is the primary objective of
A)
Q9: As long as the marginal product of
Q10: A profit-maximizing price taker must decide
A) only
Q11: The short run is defined as
A) one
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