Refer to the information provided in Table 7.5 below to answer the question that follows.Table 7.5L012345Q01530456075Refer to Table 7.5. Suppose output varies, ceteris paribus, with labor input in the manner displayed in the table above. After how many units of labor do diminishing returns set in?
A. 3
B. 4
C. 5
D. They do not set in.
Answer: D
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Cities included all of the following economies of scale except
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____________ regulation is based on setting the price of, say, water or electricity, at the average cost of production while allowing a normal profit for the firm.
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