The law of diminishing marginal product is NOT responsible for the shape of
A) the total cost curve.
B) the average variable cost curve.
C) total fixed cost curve.
D) marginal cost curve.

Question

Quizplus · Accepted Answer

The law of diminishing marginal product applies only to the variable inputs of production, while total fixed cost is independent of the level of output and remains constant. Therefore, the law of diminishing marginal product is not responsible for the shape of the total fixed cost curve.

The Law of Diminishing Marginal Product Is NOT Responsible for the Shape