WAEC Economics 2015 Objective — Question 17

Question 17 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.

The law of diminishing marginal returns relate to

A. total utility
B. average utility
C. total product
D. marginal productCorrect

Explanation

The law of diminishing marginal returns states that as more units of a variable input are added (holding other inputs fixed), the marginal product of that input eventually declines.

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