Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 2 - The Key Principles of Economics - Exercises - 2.4 The Principle of Diminishing Returns - Page 46: 4.7a

Answer

yes

Work Step by Step

When considering how much can be produced this week, it is likely that several factors used in the production are fixed. For example, there may not be enough time to obtain additional equipment used in the production. Because some factors are not flexible, the principle of diminishing returns applies.
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