The law of diminishing marginal returns is
A)the same concept as economies of scale.
B)another name for the law of diminishing marginal utility.
C)important for long-run economic analysis.
D)relevant to the production of goods, but not services.
E)none of the above

Question

Quizplus · Accepted Answer

The law of diminishing marginal returns is distinct from the concepts mentioned in options A, B, C, and D. It specifically refers to a point in production where adding an additional factor of production results in a smaller increase in output, applicable in the short run and relevant to both goods and services.

The Law of Diminishing Marginal Returns Is