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Marginal returns and economies

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Q1) Please explain whether the following statements are true or false.

(a) Assume Adam runs a business that uses his own labor only. If Adam pays himself no salary, then the accounting cost is zero, but the economic cost is positive.

(b) Both the law of diminishing marginal returns and economies of scale concepts are basically the same because both show that production cost will eventually beyond some point of output level.

Reference no: EM132500265

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