“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the________?

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Academy of PakistanTest & Learning

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238Civil EngineeringMedium

ALaw of demand

BLaw of supply

CLaw of supply and demand

DLaw of diminishing return

Correct answer

D. Law of diminishing return

Explanation

The correct answer is Law of diminishing return.

“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the________? - Answer and Explanation | Academy of Pakistan