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Which of the following is thought to be the descendant of ancient bacteria?
Law of Diminishing Returns
Law of Diminishing Returns states that in a production process, adding an additional factor of production, while holding all others constant, will at some point yield lower per-unit returns.
Sunk Costs
Costs that have already been incurred and cannot be recovered or refunded, and should not influence current or future decisions.
Variable Costs
Costs that change in proportion to the level of production or service activity.
Fixed Costs
Expenses that remain constant regardless of the amount of production, like lease payments or wages.
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