Applying a price of labor to the law of diminishing returns generates:

Name: Applying a price of labor to the law of diminishing returns generates:
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The law of increasing costs occurs when the cost of producing an additional unit of output increases as the firm increases production by adding more variable inputs, such as labor. As more labor is added, the law of diminishing returns kicks in and output per worker decreases, leading to higher costs per unit of output.

Applying a Price of Labor to the Law of Diminishing