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Micro Economics Assignment 2 Respond to Each Part with at Least 150 words PARTI: "Diminishing Returns" is a concept, or more precisely, an empirical finding that shows up in a variety of places in microeconomics. We encountered it in this course on production and costs. 1. What do economists mean by "diminishing returns" to an input? 2- What causes diminishing returns? 3- Have you ever observed this principle at work in a job you've had? Describe how you've experienced this concept in the real world. PART II: The market structure of perfect competition has a lot of ideal qualities-the name perfect. For example, perfectly competitive firms are productively efficient, and perfectly competitive markets have allocative efficiency. However, it is difficult to find many examples of perfectly competition in the real world. Perfect competition is really a benchmark against which we compare other market structures in the real world. 1. How much actual competition occurs in perfectly competitive markets? Some make the claim that there is actually no competition between firms in a perfectly competitive market. 2- Do you agree or disagree with this claim? What is your reasoning