The law of diminishing marginal returns
a. results in both the average total cost (ATC) and marginal cost (MC) curves being U-shaped.
b. causes average fixed costs to decline continuously as output increases.
c. results in the MC but not the ATC being U-shaped.
d. causes the difference between average total cost and average variable cost to get smaller as output increases.
a. results in both the average total cost (ATC) and marginal cost (MC) curves being U-shaped.
b. causes average fixed costs to decline continuously as output increases.
c. results in the MC but not the ATC being U-shaped.
d. causes the difference between average total cost and average variable cost to get smaller as output increases.