The law of diminishing returns explains why:
A) when marginal product falls, marginal cost rises.
B) economies of scale exist.
C) marginal product and marginal cost are directly related.
D) AFC declines over the entire range of output in the long run.
E) firms produce at the minimum point on the MC curve.
Correct Answer:
Verified
Q81: The maximum marginal product corresponds with:
A) minimum
Q82: Marginal cost initially decreases because:
A) marginal product
Q90: The law of diminishing marginal returns explains:
A)
Q96: When marginal product = 0,marginal cost equals:
A)0.
B)1.
C)the
Q99: Which of the following statements is possible?
A)AVC
Q102: Exhibit 6-11 Long-run average cost curves
Q104: Different scales of production
Exhibit 6-9 Cost curves
Q108: The law of diminishing marginal returns causes
Q110: Which of the following is not a
Q190: The decreasing portion of a firm's long
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