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The topic under discussion deals with Market Structure - Profit Maximization. Explain how the law of diminishing returns will at some point yield lower per-unit

The topic under discussion deals with Market Structure - Profit Maximization.

  1. Explain how the law of diminishing returns will at some point yield lower per-unit returns. Additionally, explain its impact to profit maximization in a firm.
  2. Give three real world examples of implicit costs associated with economic profit.

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