Law of Diminishing Marginal Returns flashcards

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what does Diminishing marginal state? a firm uses more of a variable input, given the quantity of fixed inputs, the marginal product of the variable input eventually diminishes.
what does Diminishing marginal returns mean? Diminishing marginal returns refers to a situation in which the marginal product of the last worker hired is less than the marginal product of the previous worker hired.
when does the law of diminishing returns apply? It applies when there is at least one fixed factor of production

what does Diminishing marginal state?

what does Diminishing marginal returns mean?

when does the law of diminishing returns apply?

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