Which of the following is NOT true when the firm experiences diminishing marginal product?
A) The total product is decreasing.
B) The marginal product of the previous worker is higher than the current worker.
C) The firm is operating in the short run.
D) The firm's total cost is increasing.
Correct Answer:
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Q26: Diminishing marginal returns implies that firms
A) require
Q27: Explain the difference between the short run
Q28: Economic cost is always less than accounting
Q29: Diminishing marginal returns implies that
A) marginal costs
Q30: Diminishing marginal returns implies that
A) marginal product
Q32: What is the explicit and implicit cost?
Q33: Explain the relationship between average fixed cost
Q34: What are the differences between economic cost
Q35: The interest on a business loan is
Q36: In the short run, at least one
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