Economics · Production Theory
According to the Law of Variable Proportions, when the Marginal Product (MP) starts diminishing, the behavior of the Total Product (TP) is that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1TP increases at a diminishing rate✓
- 2TP decreases at a diminishing rate
- 3TP decreases at an increasing rate
- 4TP remains constant
Correct answer
TP increases at a diminishing rate
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