According to the law of diminishing returns,the marginal physical product of a variable input declines as more of it is employed with a given quantity of other inputs.

Question

Quizplus · Accepted Answer

This statement is a correct explanation of the law of diminishing returns. As the quantity of a variable input is increased while the quantity of other inputs is held constant, the additional output produced by each additional unit of the variable input will eventually decrease, leading to diminishing marginal returns. This is a fundamental concept in economics and relates to the efficient allocation of resources and production decisions.

According to the Law of Diminishing Returns,the Marginal Physical Product