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Author Question: The actual time length of the short run is determined by when diminishing marginal returns start. ... (Read 140 times)

leilurhhh

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on: Jul 1, 2018
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

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Reply #1 on: Jul 1, 2018
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.


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