Microeconomics Study Set 26
Quiz 11: Output and Costs
What Is the Law of Diminishing Returns? Why Is This
What is the law of diminishing returns? Why is this proposition called a "law"?
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"The law of diminishing returns is the same as the decreasing returns to scale." Do you agree? Explain.
What does the average product of labor equal?
"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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