Question

______ is a tabular representation which shows various quantities of a commodity being supplied at various levels of price.

Options

• Law of variable proportion

• Law of diminishing returns

• Law of returns to scale

• None of the above

Answer 1

The Law of variable proportion is a tabular representation that shows various quantities of a commodity being supplied at various levels of price.

Explanation:

According to the Law of Variable Proportion, as more and more units of a variable factor are combined with the factor, a stage must eventually come when the marginal product of the variable factor begins to decline.