The diagram below represents a production funct... - JAMB Economics 2018 Question
The diagram below represents a production function. At which of the points does diminishing returns set in__________
A
R
B
S
C
T
D
V
correct option: c
Diminishing returns is used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested.
Law of diminishing returns states that as more units of a variable input are added to fixed amounts of land and capital, the charge in total output will first rise and then fall.
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