The law of variable proportions is applicable only
...The law of variable proportions is applicable only
In the long-run period
To large-scale enterprises
To small-scale enterprises
In the short-run period
Correct answer is D
The law of variable proportions states that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. It is applicable in the short-run period because there is at least, one fixed factor of production.
A demand curve parallel to the Y-axis indicates ...
Scarcity in economics means? ...
Utility is the satisfaction derived from____________ ...
A firm is at its optimum size when __________ ...
One of the dangers of the localization of industries is ...
The short-run inelasticity of supply of agricultural produce causes ...
The price elasticity of coefficient indicates ...
A Nigerian household's demand curve for semovita is downward because? ...
Consumer buy more of a commodity at a lower price than at a higher price because ...