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How is law of diminishing returns reflected in the shape of the total product curve? What is the relationship between diminishing returns and the stages of production?
Microeconomics, Economics
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Question - Let demand be given by QD = 8 - 2P; let supply be given by QS = 2P. A tax of $2 per unit is imposed on consumer, what is the new equilibrium quantity? a. 1 b. 2 c. 3 d. 4 e. 5
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