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Microeconomics Study Set 26
Quiz 11: Output and Costs
What Is the Law of Diminishing Returns? Why Is This
Question 425
Essay
What is the law of diminishing returns? Why is this proposition called a "law"?
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Q 426
"The law of diminishing returns is the same as the decreasing returns to scale." Do you agree? Explain.
Q 427
What does the average product of labor equal?
Q 428
"If the marginal product of labor curve slopes downward, then the average product of labor curve necessarily must slope downward." Explain whether the previous statement is correct or incorrect?
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