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Discussion :: Engineering Economics

  1. “When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the:

    2. A.

     Law of diminishing return
    B.

     Law of supply
    C.

     Law of demand
    D.

     Law of supply and demand

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    Workspace

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    Answer : Option A

    Explanation :

    Explanation Not Provided

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