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| Q.24 | Which of the following laws states that the marginal product of a factor input initially rises with its employment level, but after reaching a certain level of employment it starts falling? | |
| Ans | 1. Law of diminishing marginal product | |
| 2. Law of variable proportions | ||
| 3. Law of average product | ||
| 4. Law of constant proportions |
Correct Ans Provided: 2
