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11 Dec 2019
The law of diminishing returns indicates that:
1. as extra units of a variable resource are added to a fixed resource the marginal product will decline beyond some point
2. because of economies and diseconomies of scale a competitive firm's long-run average cost curve will be U-shaped.
3. the demand for goods produced by purely competitive industries is downsloping.
4. beyond some point the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.
The law of diminishing returns indicates that:
1. as extra units of a variable resource are added to a fixed resource the marginal product will decline beyond some point
2. because of economies and diseconomies of scale a competitive firm's long-run average cost curve will be U-shaped.
3. the demand for goods produced by purely competitive industries is downsloping.
4. beyond some point the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.
christopherc63Lv10
18 Nov 2022
Sonal BahlLv10
16 Oct 2020
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