Which of the following is the best explanation of why the law of diminishing returns does not apply in the long run?
A) All factors of production are variable in the long run.
B) The MPP does not change in the long run.
C) In the long run,firms have enough time to find more qualified workers.
D) All factors of production are fixed in the long run.
Correct Answer:
Verified
Q31: Costs of production that change with the
Q32: It is impossible to:
A) Determine total costs
Q33: Which of the following is most likely
Q34: The market value of all resources used
Q35: When producing jeans,which of the following are
Q37: Profit is the difference between:
A) Total cost
Q38: Which of the following is most likely
Q39: If a firm increases output,total costs will
Q40: Which of the following is equivalent to
Q41: Marginal cost:
A) Is the change in fixed
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