Law of variable proportion is valid when:

Related MCQs

• Variable costs are:
• If you know that with 8 units of output, average fixed cost is Rs.12.50 and average variable cost is Rs.81.25, then total cost at this output level is:
• With fixed costs of Rs.400, a firm has average total costs of Rs.3 and average variable costs of Rs.2.50. Its output is:
• If the short-run average variable costs of production for a firm are rising, then this indicates that:
• The law of demand states that an increase in the price of a good:
• The law of supply states that an increase in the price of a good:
• Which best expresses the law of diminishing marginal utility?
• Which situation is consistent with the law of diminishing marginal utility?
• The law of diminishing returns states that:
• The law of diminishing returns only applies in cases where: