Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases.

Name: Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases.
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Question

Quizplus · Accepted Answer

Diminishing marginal product refers to a situation where, as the amount of a certain input is increased, the marginal product or output of that input will eventually decrease. This will cause the total cost curve to become steeper as output increases, not flatter. Therefore, the statement is false.

Diminishing Marginal Product Exists When the Total Cost Curve Becomes