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28 Nov 2020
The law of diminishing returns indicates that:
A) beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.
B) as extra units of a variable resource are added to a fixed resource, the marginal product will decline beyond some point
C) because of economies and diseconomies of scale, a competitive firm's long-run average total cost curve will be U-shaped.
D) the demand for goods produced by purely competitive industries is downsloping.
The law of diminishing returns indicates that:
A) beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.
B) as extra units of a variable resource are added to a fixed resource, the marginal product will decline beyond some point
C) because of economies and diseconomies of scale, a competitive firm's long-run average total cost curve will be U-shaped.
D) the demand for goods produced by purely competitive industries is downsloping.
christopherc63Lv10
18 Nov 2022
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Yusra AneesLv10
12 Jan 2021
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