The Version of the Law of Diminishing Returns That Applies

question 249

Multiple Choice

The version of the law of diminishing returns that applies to production

• A) implies that as we add more workers our output decreases.
• B) applies only in the short run.
• C) is true only when all inputs are variable.
• D) applies in the short and long run.

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Definitions:

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Right of Survivorship

A legal principle that allows ownership of property to automatically pass to surviving owners upon the death of another owner, without the need for probate.

Articles of Partnership

A document that outlines the terms and conditions under which a partnership operates, including the rights and responsibilities of each partner.