JAMB - Economics (1983 - No. 8)
If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
the productivity of labour
the law of diminishing marginal utility
the law diminishing returns
the concept of factor intensity
labour intensive production