Question on: WAEC Economics - 1994
If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as
A
productivity of labour
B
law of diminishing marginal utility
C
law of diminishing returns
D
law of diminishing returns of a variable factor
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Correct Option: C
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