Question

Why are the law of returns variable proportions and law of diminishing marginal production considered the same?

Answer 1

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The law of diminishing marginal returns states that adding an additional factor of production results in smaller increases in output. The law of diminishing marginal returns is also known as the law of diminishing returns, the principle of diminishing marginal productivity, and the law of variable proportions.

Answer 2

The law of diminishing marginal returns states that adding an additional factor of production results in smaller increases in output. ... The law of diminishing marginal returns is also known as the law of diminishing returns, the principle of diminishing marginal productivity, and the law of variable proportions..

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