Author Question: The actual time length of the short run is determined by when diminishing marginal returns start. ... (Read 135 times)

leilurhhh

  • Hero Member
  • *****
  • Posts: 560
The actual time length of the short run is determined by when diminishing marginal returns start.
 
  Indicate whether the statement is true or false

Question 2

A firm operating with diminishing total returns cannot be profit maximizing.
 
  Indicate whether the statement is true or false



SeanoH09

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

False. The actual time length of the short run is a function of how long it would take to adjust all inputs.

Answer to Question 2

True . This firm could produce more output with fewer inputs. This cannot be profit maximizing.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

For a complete list of videos, visit our video library