One important microeconomic principle from production theory is the law of short-run total variable costs.

Name: One important microeconomic principle from production theory is the law of short-run total variable costs.
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The law of short-run total variable costs is not a recognized principle in production theory. Instead, production theory includes concepts like the law of diminishing returns and the distinction between fixed and variable costs.

One Important Microeconomic Principle from Production Theory Is the Law