What is the difference between the short run and the long run?
Explain the difference between total product, marginal product and average product.
What is the relationship between total product, marginal product, and average product shown by the law of diminishing returns?
Interpret this statement: “If diminishing returns did not occur, the world could be fed out of a flower pot.”
Comment on the problem with this statement: “Of course, there are diminishing marginal returns from adding more workers to a fixed quantity of plant and equipment because additional workers are not as good as initial workers.”
What is the law of diminishing returns? Give a descriptive example.
How can total course learning and studying be related to the law of diminishing returns?