The global asymptotic behavior of solutions of the variable yield model is determined. The model generalizes the classical Monod model and it assumes that the yield is an increasing function of the nutrient concentration. In contrast to the Monod model, it is demonstrated that the variable yield model exhibits sustained oscillations. Moreover, it is shown that the variable yield model may undergo a subcritical Hopf bifurcation and feature at least two distinct limit cycles. Implications for the coexistence of competing populations are discussed.