Question

    The law that determines the best uses of limited

    resources among alternative uses is known as:
    A Law of equi- marginal returns Correct Answer Incorrect Answer
    B Law of supply Correct Answer Incorrect Answer
    C Law of demand Correct Answer Incorrect Answer
    D Law of variable proportion Correct Answer Incorrect Answer

    Solution

    It is referred to as the law which states that when the quantity of one factor of production is increased, while keeping all other factors constant, it will result in the decline of the marginal product of that factor.

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