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AP Microeconomics
Unit 3 – Production, Cost, and the Perfect Competition Model
Topic 3.3
A firm experiences diminishing marginal returns when it hires additional workers. How might the firm overcome this challenge and increase its production efficiency?
Reducing the quantity of inputs.
Shifting to a different production process.
Technological advancements.
Increasing plant capacity.
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AP Microeconomics - 3.3 Long-Run Production Costs
Key terms
Diminishing Marginal Returns
Production Efficiency
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About Us
About Fiveable
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Terms of Use
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CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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