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The law of diminishing marginal returns is
Question: Economic profit is the difference between total revenue and  explicit costs.  implicit costs.  su...

Show transcribed image text Economic profit is the difference between total revenue and explicit costs. implicit costs. sunk costs. the sum of explicit and implicit costs. The law of diminishing marginal returns is the same concept as economies of scale. another name for the law of diminishing marginal utility important for long-run economic analysis relevant to the production of goods but not services none of the above A rising marginal cost curve is a reflection of a rising marginal physical product curve falling marginal physical product curve falling average fixed cost curve rising average variable cost curve

Economic profit is the difference between total revenue and explicit costs. implicit costs. sunk costs. the sum of explicit and implicit costs. The law of diminishing marginal returns is the same concept as economies of scale. another name for the law of diminishing marginal utility important for long-run economic analysis relevant to the production of goods but not services none of the above A rising marginal cost curve is a reflection of a rising marginal physical product curve falling marginal physical product curve falling average fixed cost curve rising average variable cost curve