Economics · Microeconomics
What is the meaning of 'diminishing returns' in economics?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Decrease in the average product of a fixed factor
- 2Decrease in total production
- 3Decrease in the marginal product of a fixed factor
- 4Decrease in the marginal product of a variable factor✓
Correct answer
Decrease in the marginal product of a variable factor
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