WAEC Economics 2021 Objective — Question 18

Question 18 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.

18. The law of diminishing returns is applicable to the

A. fixed inputs of production
B. variable factors of productionCorrect
C. plants and machinery of a firm
D. equipment and other capital

Explanation

The law of diminishing returns describes how output changes as more units of a variable input are added to a fixed input — it applies specifically to the variable factors.

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