The law of diminishing marginal returns will occur in a competitive firm as labor input is varied Because of variable capital input Because of fixed capital input O In the long-run production period Because all factors are variable

The law of diminishing marginal returns will occur in a competitive firm as labor input is varied Because of variable capital input Because of fixed capital input O In the long-run production period Because all factors are variable

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 34CTQ: What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why...

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