QUESTION 17The law of diminishing returns indicates thatA. the demand for goodsB. because of economies andC. as extra units of a variableD. beyond some point, the extrautility derived from additionalunits of a product will yield theproduced by purelydiseconomies of scale, aresource are added to a fixedcompetitive industries isdownwarde slopingcompetitive firm's long-runresource, marginal productwill decline beyond someaverage total cost curve will be U-shapedconsumer smaller and smallerpointextra amounts of satisfaction

The production of various goods and services by the producers involve the use of inputs, or…

The law of diminishing returns indicates that O A. the demand for goods B. because of economies and OC. as extra units of a variable produced by purely competitive industries is downwarde sloping O D. beyond some point, the extra utility derived from additional units of a product will yield the diseconomies of scale, a resource are added to a fixed competitive firm's long-run resource, marginal product average total cost curve will be U- shaped will decline beyond some consumer smaller and smaller point extra amounts of satisfaction

The law of diminishing returns indicates that O A. the demand for goods B. because of economies and OC. as extra units of a variable produced by purely competitive industries is downwarde sloping O D. beyond some point, the extra utility derived from additional units of a product will yield the diseconomies of scale, a resource are added to a fixed competitive firm's long-run resource, marginal product average total cost curve will be U- shaped will decline beyond some consumer smaller and smaller point extra amounts of satisfaction

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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