Diminishing marginal product exists when the production function becomes flatter as inputs increase.
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Q32: Several related measures of cost can be
Q33: The average-total-cost curve is unaffected by diminishing
Q34: The graph of the production function plots
Q35: Average variable cost is equal to total
Q36: Variable costs equal fixed costs when nothing
Q38: If a firm produces nothing, it still
Q39: The average-fixed-cost curve is constant.
Q40: The typical total-cost curve is U-shaped.
Q41: The marginal-cost curve intersects the average-fixed-cost curve
Q42: The marginal-cost curve intersects the average-total-cost curve
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