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5 October, 20:05

There is no difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution. True or False.

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  1. 5 October, 20:28
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    False

    Explanation:

    There is a huge difference between Diminishing marginal utility and law of diminishing marginal rate of technical substitution. The diminishing marginal rate of utility is used to construct short-run production function and it is based on cardinal utility. Correspondingly, the law of diminishing marginal utility is used to construct long-run isoquants and isocost curve, and it represents ordinal utility.
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