The law of diminishing returns means that marginal costs will eventually rise as a firm produces more.
Answer the following statement true (T) or false (F)
True
The law of diminishing returns says that the marginal physical product of a variable input declines as more of it is employed with a given quantity of other (fixed) inputs.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
_____ is measured in terms of current-year prices
a. Nominal gross domestic product (GDP) b. GDP price index c. Real gross domestic product (GDP) d. Arbitrage e. Depreciation
To increase output, policymakers can _____ the money supply, _____ taxes, and/or _____ government purchases
Fill in the blank(s) with correct word
Hasan has eaten three slices of pizza. What would be the marginal utility of the next slice?
a. 4
b. 6
c. 24
d. 28