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WAEC Economics 2021 Question 18

Question 18

Theory of Production

The law of diminishing returns is applicable to the

  1. A.fixed inputs of production.
  2. B.variable factors of production.
  3. C.plants and machinery of the firm.
  4. D.equipment and other capital.
Show the answer and explanation

Answer: B (variable factors of production.)

Explanation

The law describes what happens to the returns of the variable factor added to fixed factors.