The Law Stating That If the Quantity of a Variable

question 136

Multiple Choice

The law stating that if the quantity of a variable factor of production is increased, with the quantities of all other factors given, the marginal product of the variable factor will eventually decline is the law of:

• A) demand.
• B) supply.
• C) decreasing average production.
• D) diminishing marginal returns.

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Definitions:

Brick and Mortar

Physical stores or establishments that are physically present in a building or location, as opposed to online or virtual.

Online Sales

The act of selling goods or services over the Internet.

Product Variety

The range of different items or models that a company offers to meet diverse customer needs and preferences.

Omni-Channel Retail

A multi-channel approach to sales that aims to provide the customer with a seamless shopping experience, whether they are shopping online, by phone, or in a physical store.