Vlop6803 Vlop6803

13-11-2019
Business

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What should a firm do once it realizes it is in a situation with a diminishing marginal product? The firm – stop producing additional units. If marginal product is –, the firm should continue production if it can sell the output for more than the – costs.

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Nyctalus Nyctalus

13-11-2019

Answer: the firm should continue production if it can sell the output for more than the – costs.

Explanation: In simple words, diminishing marginal returns refers to a situation in which employing an additional unit of input will result in increase in output but with a less marginal benefit.

The firm should continue to produce as the overall profit will be high till the cost is less than the revenue.

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