The law of diminishing marginal returns
A)is a short run concept.
B)is a long run concept.
C)is both a short run and a long run concept.
D)does not hold in the real world.

Question

Quizplus · Accepted Answer

The law of diminishing marginal returns is a short run concept because it occurs when at least one factor of production is fixed, which is a characteristic of the short run in economic analysis.

The Law of Diminishing Marginal Returns