Explain the Difference Between Diminishing Marginal Returns to Factor and a Decreasing-Cost

question 2

Essay

Explain the difference between diminishing marginal returns to factor and a decreasing-cost industry.

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Definitions:

Blacks

A term often used to designate individuals and communities of Sub-Saharan African descent, acknowledging social and cultural identity in a racial context.

Hispanics

A term used primarily in the United States to describe people of Spanish-speaking origin or ancestry, regardless of race.

Bureaucratization

The process by which an organization becomes increasingly governed by laws, rules, and standardized procedures, often leading to a more formal and complex structure.

Privatization

The process of transferring ownership of a business, enterprise, agency, or public service from the government to private individuals or organizations.