In the Short Run,the Law of Diminishing Returns

question 60

Multiple Choice

In the short run,the law of diminishing returns

• A)Occurs for only a few economies.
• B)Can be observed in every production process.
• C)Does not occur in command economies.
• D)Can be overcome by using more variable inputs.

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Definitions:

Period End Assets

The total value of all assets owned by a company at the end of a financial reporting period.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated for reporting and taxation purposes.

Cost of Goods Sold

Costs directly related to creating products that a company offers for sale.