____________________________ Occur When the Marginal Gain in Output Diminishes as Each

question 24

Multiple Choice

____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added.

• A) Diminishing variable returns
• B) Diminishing average returns
• C) Diminishing marginal returns
• D) Diminishing marginal costs

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Definitions:

Personal Guarantee

A guarantee of payment for another’s obligation.

Closely Held

A closely held company is one whose shares are held by a small group of individuals or entities, often involving family ownership or a small group of investors.

Major Shareholders

Individuals or entities that own a significant proportion of a company's shares, giving them substantial influence.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with particular responsibilities, typically involving financial management or care.