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Question
How does diminishing marginal product affect the shape of the production function?
a. The slope of the production function increases as the quantity of input increases.
b. The slope of the production function becomes more positive with diminishing marginal product.
c. The slope of the production function becomes horizontal once diminishing marginal product is achieved.
d. The slope of the production function decreases as the quantity of input increases.
e. The slope of the production function is not affected by diminishing marginal product.
Answer
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Related questions
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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Q:
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