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.
A characteristic of a debenture is that ...
Producers operating in a free market economy are more efficient as a result of ...
Price control cannot work in Nigeria because ...
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, Raw materials ₦800, Power ₦300. Total var...
A balance budget is defined as a condition of ...
Which of the following situations can give rise to economic problems? ...