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Question
According to modern thinking, the law of diminishing returns applies to which of the following?
According to modern thinking, the law of diminishing returns applies to which of the following?
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Solution
The correct option is B All fields of production
The law of diminishing returns states that in a production process as one input variable increases is increased there will be a point at which marginal per unit output will decrease, holding all the other factors constant.According to the modern thinking , the law of diminishing returns applies to all the fields of production.
The law of diminishing returns states that in a production process as one input variable increases is increased there will be a point at which marginal per unit output will decrease, holding all the other factors constant.
According to the modern thinking , the law of diminishing returns applies to all the fields of production.
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