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· A Level
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Topic 7: The price system and the microeconomy
A.
APPL declines beyond OL2 as a result of diseconomies of scale.
B.
A profit-maximising firm would never hire more than OL2 labour hours.
C.
Between OL1 and OL2, each extra labour hour hired causes both MPPL and APPL to decline.
D.
Diminishing returns first set in when the number of labour hours hired reaches OL1.
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