Multiple Choice
The law of diminishing marginal product is a statement
A) that concerns changes in variable input and changes in output.
B) that concerns the long run.
C) that concerns changes in profits.
D) that relates to plant size.
Correct Answer:

Verified
Correct Answer:
Verified
Q20: McDonald's is a fast-food restaurant chain. Which
Q21: Average variable costs equal<br>A) total variable costs
Q22: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -Refer to the
Q23: Economists generally define the short run as
Q24: When a firm uses technological improvements to
Q26: Suppose a firm doubles its output in
Q27: Suppose that a firm is currently producing
Q28: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -In the above
Q29: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -Refer to the
Q30: The long run is<br>A) over one year.<br>B)