Given below are two statements:
Statement I: Law of diminishing return also regarded as a fundamental law in agriculture and economics.
Statement II: This law helps in determination of optimum input to use and optimum output to produce.
In the light of the above Statements, choose the correct answer from the options given below:
The Law of Diminishing Returns states that as additional units of a variable input are applied to a fixed quantity of other inputs, the marginal product of the variable input will eventually decline. It is indeed regarded as a fundamental law in agriculture and economics. Statement II is also true, as the law helps in determining the optimal input and output levels for efficient production.
Who is the first woman to receive the “Bharat Ratna” Award?
Who has been named as the Chairman of the Governing Council of Satyajit Ray Film and Television Institute?
What is the primary objective of the Augmentation of Basic Amenities and Development of Heritage and Architecture (ABADHA) scheme of Odisha?
On which date is Independence Day celebrated in the United States to commemorate the passage of the Declaration of Independence?
In the RBI's list of 15 non-banking financial companies (NBFCs) placed under the upper layer as per scale-based regulation (SBR) for 2023-24, which comp...
In which session of Kumaon Congress the resolution related to non-cooperation with the British government passed?
The Dilwara Temples in Mount Abu, Rajasthan, were constructed by which dynasty?
Which king from the princely state of Tehri is known for starting the tradition of creating a city named after himself?
2023 has been declared as the International year for which food grain which is known to be climate resilient and aligns with sustainable development goa...
In January 2023, Which Indian Railway station was awarded the 'Green Railway Station Certificate' with the highest Platinum rating?