The law of variable proportions is also known as
...The law of variable proportions is also known as
Law of demand
Law of diminishing returns
Law of diminishing marginal utility
Law of returns to scale
Correct answer is B
The law of variable proportions is also known as the law of diminishing returns. It states that, when the quantity of one factor of production is increased, while keeping all other factors constant, it will result in the decline of the marginal product of that factor.
An increase in supply will lower price unless ...
One of the advantages of large - scale production is that ...
If AC = Average Cost of production, TC = Total Cost of production VC = Variable Cost of produc...
In the long run, a firm in a perfectly competitive market will make ...
An increase in cash ratio by the central bank will_______ ...