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The diminishing marginal product explains why, as a firm’s output increases.
a. the production function and total-cost curve both get steeper
b. the production function and total-cost curve both get flattered
c. the production function gets steeper, while the total-cost curve gets flatter.
d. the production function gets flatter, while the total-cost curve gets steeper.
Marginal cost increases as the quantity of output increases. This reflects the property of:
A. Increasing Total CostB. Diminishing Total CostC. Increasing Marginal ProductD. Diminishing Marginal Product
The total cost curve(or production function) gets steeper as output increases because of:A) increasing returns to the variable input.B) decreasing returns to the variable input.C) increases in fixed cost.D) decreases in overhead costs.