Question: Diminishing returns: [ 1 1 . 2 . 2 The Law of Diminishing Returns ] is valid in both the short - term and long

Diminishing returns: [11.2.2 The Law of Diminishing Returns]
is valid in both the short-term and long-run pictures.
eventually sets in only for labor production functions in the short run.
can be avoided by maximizing allocative efficiency.
eventually sets in for every production function in the short run.
Diminishing returns: [ 1 1 . 2 . 2 The Law of

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