he law of diminishing returns indicates that C A. the demand for goods O B. because of economies and O C. as extra units of a variable OD. beyond some point, the extra produced by purely diseconomies of scale, a resource are added to a fixed utility derived from additional units of a product will yield the competitive industries is downwarde sloping resource, marginal product will decline beyond some competitive firm's long-run average total cost curve will be U- consumer smaller and smaller shaped point extra amounts of satisfaction
he law of diminishing returns indicates that C A. the demand for goods O B. because of economies and O C. as extra units of a variable OD. beyond some point, the extra produced by purely diseconomies of scale, a resource are added to a fixed utility derived from additional units of a product will yield the competitive industries is downwarde sloping resource, marginal product will decline beyond some competitive firm's long-run average total cost curve will be U- consumer smaller and smaller shaped point extra amounts of satisfaction
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 8SCQ: Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are...
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