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

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 4SCQ: Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the...

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