Explain the assumptions of Law Diminishing Returns
Explain the assumptions of Law Diminishing Returns.
Expert
The Law of Diminishing Returns is based upon the given assumptions as follows:
Returns are based upon the given assumptions as illustrated:
a. The production technology keeps unchanged
b. Each variable factor is homogeneous.
c. Some one factor is constant
d. The fixed factor keeps constant.
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A purely competitive resource market shows that an individual firm faces a resource supply curve which is: (w) perfectly inelastic. (x) perfectly elastic. (y) downward sloping. (z) backward bending. Q : Boom - Phases of business cycle Explain Explain about the term Boom in phases of business cycle.
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