The law of diminishing returns:
A) is the same as diseconomies of scale.
B) causes the firm's average costs to decline.
C) is relevant for small firms only.
D) occurs only in the short run.
Correct Answer:
Verified
Q7: The long run is described as a
Q8: The production function is the relationship between:
A)
Q9: The law of diminishing returns states that:
A)
Q10: The law of diminishing returns sets in
Q11: Marginal product:
A) refers to the addition to
Q13: Productivity:
A) of a worker will increase the
Q14: When marginal product is greater than average
Q15: When marginal product is less than average
Q16: Which of the following statements is true?
A)
Q17: Given that 5 workers produce 37 chairs
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents