The Law of Diminishing Marginal Returns Explains the General Shape

question 21

Multiple Choice

The law of diminishing marginal returns explains the general shape of the firm's

• A) long-run cost curves.
• B) short-run cost curves.
• C) both short-run and long-run cost curves.
• D) The law of diminishing returns has nothing to do with cost curves.

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Definitions:

Work Needs

Requirements or necessities that individuals seek to fulfill through their employment, such as income, satisfaction, and development opportunities.

Organizations

Entities comprising multiple people, such as corporations, governments, non-profits, and clubs, structured to achieve specific goals.

Manipulation And Co-optation

Strategies used by individuals or groups to influence others subtly or by bringing opposition into a supportive relationship through concessions.

Covert Influence

The act of subtly guiding or affecting another's decisions or behavior without their explicit awareness.