Explain the law of diminishing returns and explain whether the law of diminishing returns applies in the long run?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q92: A firm will maximise its profit if
Q93: Does rationalisation always reduce overhead costs?
Q94: Explain why a firm can continue to
Q95: When economists talk of spreading overheads they
Q96: Marginal cost equals:
A) the change in total
Q98: Complete each statement from the options below.
(a)
Q99: Match the correct answer to each of
Q100: The traditional profit- maximising theory of the
Q101: How do external economies of scale arise,
Q102: A firm can be experiencing economies of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents