The Law of Diminishing Returns occurs:
A) In the long run.
B) When the price is lowered to sell more.
C) When more units of a variable factor of production are added to a fixed factor.
D) When the total output falls as more units of a variable factor of production are added.
Correct Answer:
Verified
Q1: Internal economies of scale occur when:
A) Costs
Q3: Marginal costs:
A) Equal fixed costs plus variable
Q4: Fixed costs:
A) Never change.
B) Do not change
Q5: The short run:
A) Is 1 week.
B) Is
Q6: Diseconomies of scale occur when:
A) Marginal costs
Q7: When marginal product is positive but falling,
Q8: Short run marginal costs are determined mainly
Q9: The increase or decrease in total cost
Q10: The marginal cost curve:
A) Is inversely related
Q11: The marginal product curve:
A) Is inversely related
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