Why is the short run law also called the law of diminishing returns?
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The law of diminishing returns operates in the short run when we can't change all the factors of production. Further, it studies the change in output by varying the quantity of one input. This is because the crowding of inputs eventually leads to a negative impact on the output. ...
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The law of diminishing returns operates in the short run when we can't change all the factors of production. Further, it studies the change in output by varying the quantity of one input. This is because the crowding of inputs eventually leads to a negative impact on the output
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