When total product is increasing at a decreasing rate, marginal product is positive, but falling.
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Q14: The law of diminishing returns explains why
Q15: Variable costs are costs that change directly
Q16: Normal profit is an implicit cost.
Q17: The law of diminishing returns explains diseconomies
Q18: Average fixed costs diminish continuously as output
Q20: When diminishing marginal returns starts occurring, the
Q21: The following is cost information for the
Q22: Marginal product is highest where marginal cost
Q23: If start-up firms can quickly shift the
Q24: A major factor explaining economies of scale
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