JAMB - Economics (2015 - No. 1)
The law of variable proportions is also known as
law of demand
law of diminishing returns
law of diminishing marginal utility
law of returns to scale
Explanation
The law of variable proportions is also known as the law of diminishing returns. It states that, when the quantity of one factor of production is increased, while keeping all other factors constant, it will result in the decline of the marginal product of that factor.