The law of diminishing returns states that as output rises,eventually _____ output will decline.
A) total
B) average
C) fixed
D) marginal
Correct Answer:
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Q7: In the short run,the ATC curve is
Q8: A firm has a fixed cost of
Q9: If fixed cost is $8,000,variable cost is
Q10: If marginal output is rising it is
Q11: The MC curve intersects the AVC and
Q13: In the short run,output
A)can be varied by
Q14: Which statement is true?
A)AFC declines with output.
B)ATC
Q15: The law of diminishing marginal returns implies
A)the
Q16: When average total cost is declining,then
A)marginal cost
Q17: As output rises,
A)AFC rises.
B)AFC falls.
C)AFC remains the
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