Diminishing marginal returns explains why a firm's long-run average total cost curve is U shaped.
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Q67: The different points on a cost curve
Q68: A production indifference curve shows all combinations
Q69: A change in input prices has no
Q70: Production indifference curves generally have a positive
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Q73: The expansion path of product indifference curves
Q74: Decreasing returns to scale is strictly a
Q75: The law of diminishing marginal returns is
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Q77: Product indifference curves bow inward toward the
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