Law of Variable Proportions is applicable to ________.

Medium-run

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Short-run

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Long-run

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All of the above

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Solution

The correct option is B Short-run
Law of Variable Proportions is applicable to - short rum. Law of variable proportion exhibits the relationship between the change of output in respect to the change in only one variable factor, only in short run economy. It involves three phases of production, namely, increasing returns, diminishing returns and negative returns.

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Similar questions

Explain the law of variable proportions in terms of the behaviour of total physical product, with the help of a diagram.

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