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WAEC Economics 2015 Question 17

Question 17

Theory of Production

The law of diminishing returns relates to

  1. A.total utility.
  2. B.average utility.
  3. C.total product.
  4. D.marginal product.
Show the answer and explanation

Answer: D (marginal product.)

Explanation

The law says the marginal product of a variable factor eventually falls.