GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The law of variable proportions is
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also called law of proportionality
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also called law of non-proportional returns
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wider and includes law of increasing returns, law of decreasing returns & law of constant return as three phases
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all of the above
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Explanation:
Detailed explanation-1: -Law of Variable Proportion is regarded as an important theory in Economics. 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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