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JAMB Economics 2011 Question 19

Question 19

Theory of Production

The law of variable proportions is applicable only

  1. A.in the long-run period
  2. B.to large-scale enterprises
  3. C.to small-scale enterprises
  4. D.in the short-run period.
Show the answer and explanation

Answer: D (in the short-run period.)

Explanation

The law describes what happens when more of a variable factor is added to a fixed factor. Some factors are fixed only in the short run.