The law of diminishing marginal returns says that as more of a variable input is combined with a fixed input,total output will increase;however,the increases in the firm's output will become ever smaller.
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Q1: A firm's profit is
A)greater if it is
Q3: Q4: The "short run" may vary in length Q5: Fixed inputs are those whose Q6: In the long run, Q7: Marginal product is the change in output Q8: Which of the following is most likely Q9: In a firm's planning horizon,the long run Q10: Variable inputs are those whose Q11: Consider a firm that needs one day
A)quantity changes as
A)at least one of
A)quantity changes as
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