The law of diminishing marginal returns shows the relationship between
A. accounting and economic profits."
B. inputs and outputs for a firm in the long run.
C. inputs and outputs for a firm in the short run.
D. short run inputs and long run outputs for a firm
Answer: C. inputs and outputs for a firm in the short run.
Economics
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Assume that a florist can earn an additional $20,000 of revenue each year from advertising once a week on a local television station
What must the additional cost of this once-a-week advertising be to make this advertising economically rational?
Economics
The above figure shows the demand and cost curves facing a monopoly. The monopoly maximizes profit by selling
A) 0 units. B) 25 units. C) 50 units. D) 75 units.
Economics