The law of variable proportions is applicable only
...The law of variable proportions is applicable only
In the long-run period
To large-scale enterprises
To small-scale enterprises
In the short-run period
Correct answer is D
The law of variable proportions states that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. It is applicable in the short-run period because there is at least, one fixed factor of production.
The demand for salt is ……… ...
Two basic features common to an industry are ...
The supply of cocoa is influenced by ...
The unemployment associated with decrease in demand is referred to as ...
.............is presently used in Nigeria to measure inflation ...
The upward slope of the supply curve indicates that ...
One of the major criticisms of the 1992-1968 National development Plan was that ...