The Law Of Diminishing Returns States That A Firm Can Expand Production In The Short Run Through The Employment Of Addit 1 (70.99 KiB) Viewed 43 times
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The law of diminishing returns states that a firm can expand production in the short run through the employment of additional fixed factors of production. states that as more of a variable input is combined with one or more fixed inputs in the production process, points will eventually be reached where first the MP, then the AP and finally the TP will start to decline. states that a firm can only expand production in the long run when all me factors of production are variable.
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