Why is the law of diminishing returns a short run phenome...
Why is the law of diminishing returns a short run phenomenon?
All inputs are fixed
All inputs are variable
Some outputs are variable
Some inputs are variable
Correct answer is A
The law of diminishing returns states that as an increasing amount of a variable factor is added to a fixed factor, the marginal product of the variable factor may at first rise but must eventually fall.
The law of diminishing returns applies in the short run because only then is some factor fixed.
Which of the following is a reward to a factor of production? ...
Which of the following may not be included in explaining the term production? ...
An example of a producer goods is a ...
In the long run a firm will leave an industry if price ...
Entrepreneur is associated more with ...
Dumping in international trade means selling a goods at a ...
The following are reward for factors of production EXCEPT ...
Which of the following categories of people do not gain during inflation? ...