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Eva8 [605]
3 years ago
8

The law of diminishing returns is often used to analyze the ideal amount of which factor of production?

Business
2 answers:
WINSTONCH [101]3 years ago
5 0
The correct answer to the question is, Labor.
Hope that help. ♥♥♥
blsea [12.9K]3 years ago
4 0

Answer:

labor

Explanation:

Theoretically, the law of diminishing returns could apply to the three factors of production (labor, land and capital), but it is generally used to analyze the amount of production that will be gained by adding additional units of labor. Usually additional units of labor tend to produce diminishing levels of output, e.g. a single extra worker will be able to produce 40 units per day, while another extra worker will only produce 37 units per day.

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Answer:

they benefit from an expanded opportunity set.

Explanation:

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This can be done with the help of opportunity set i.e. to expanded through which the firm could get the benefit of it

Hence, this would be the answer

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Illusion [34]

Answer: GNP; GDP

Explanation:

<em>The value of what a Canadian-owned Tim Hortons produces in South Korea is included in the Canadian </em><em><u>GNP </u></em><em>and the South Korean </em><em><u>GDP</u></em><em>. </em>

Gross National Product refers to the total amount of domestic production and foreign production that can be attributed to the residents of a nation.

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Gross Domestic Product (GDP) on the other hand is simply the total final value of goods and services produced in a country regardless of if it was foreigners or residents doing the production. The value of what a Canadian-owned Tim Hortons produces in South Korea is therefore included in South Korea's GDP.

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