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29 Oct 2021
Problem 37
Page 295
Section: CRITICAL THINKING QUESTIONS
Chapter 12: Environmental Protection and Negative Externalities
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29 Oct 2021
Introduction
In economics, the concept of the diminishing returns describes how the decrease in the marginal output effects the production process. It refers to the the situation when any optimal level of capacity is reached, any further addition in the factor of prouction only produces a smaller increase in output.
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