Decreasing returns to scale and diminishing returns differ in that
A) Diminishing returns is a long-run concept while decreasing returns to scale is a short-run concept.
B) Diminishing returns is a short-run concept while decreasing returns to scale is a long-run concept.
C) Diminishing returns is a both short and long-run concept while decreasing returns to scale is a short-run concept.
D) Diminishing returns is a long-run concept while decreasing returns to scale is a short and long-run concept.
Correct Answer:
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Q11: Marginal productivity is
A)The total output associated with
Q21: It costs a firm $80 per unit
Q22: It costs a firm $80 per unit
Q23: If average product is decreasing,then marginal product
A)Must
Q24: When a firm's marginal productivity of an
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Q28: All of these are true,except
A)If production exhibits
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A)Due to declining
Q30: Once marginal cost rises above the average
Q31: When a firm is experiencing increasing marginal
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