This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What does the law of diminishing returns imply for the shape of the marginal cost curve? What ... (Read 88 times)

rmenurse

  • Hero Member
  • *****
  • Posts: 513
on: Jun 29, 2018
What does the law of diminishing returns imply for the shape of the marginal cost curve?
 
  What will be an ideal response?

Question 2

The government makes all economic decisions in a centrally planned economy.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Pamela.irrgang@yahoo.com

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Answer to Question 1

The law of diminishing returns states: As a firm uses more of a variable factor of production, with a given quantity of the fixed factor of production, the marginal product of the variable factor eventually diminishes. The law of diminishing returns means that each additional worker produces a successively smaller addition to output. So to get an additional unit of output, ever more workers are required. The cost of an additional unit of outputmarginal costis increasing, so the marginal cost curve eventually slopes upward.

Answer to Question 2

TRUE


rmenurse

  • Hero Member
  • *****
  • Posts: 513
Reply #2 on: Jun 29, 2018
Thank you :)


Pamela.irrgang@yahoo.com

  • Sr. Member
  • ****
  • Posts: 323
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

The titration curve of the buffer acetic acid (CH3COOH) The titration curve of the buffer acetic acid (CH3COOH)
The strange situation. The Strange Situation features a series of episodes in which (a) the mother l The strange situation. The Strange Situation features a series of episodes in which (a) the mother l
Oxygen dissociation curve Oxygen dissociation curve
Does It Cost More to Eat Healthy? Does It Cost More to Eat Healthy?
The Lorenz Curve for the United States, 2009 The Lorenz Curve for the United States, 2009
Video: DNA Replication Factory and Protein

For a complete list of videos, visit our video library