The Law of Diminishing Returns Only Applies in Cases Where

question 371

Multiple Choice

The law of diminishing returns only applies in cases where

• A)there is increasing scarcity of factors of production.
• B)the price of extra units of a factor is increasing.
• C)there is at least one fixed factor of production.
• D)capital is a variable input.

---

Definitions:

Postmodernists

Scholars and thinkers who challenge traditional narratives, emphasizing the subjective nature of reality, diversity, and the deconstruction of universal truths.

Theories

Abstract propositions that explain the social world and make predictions about the future.

Statistical Data

Numerical or quantitative information collected through observation, measurement, and analysis, used to make decisions or predictions.

Demographic Variables

Characteristics of populations that are often used in research and marketing, including age, gender, income, education level, and marital status.