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If the Law of Diminishing Marginal Returns did not exist, the entire world”s supply of food could be grown in a flowerpot. True or false? Explain.
Answer : True . According to law of Diminishing Marginal Returns , if more and more units of a variable factor are employed with the fixed factor the total physical product(which the same as the total product) increases at a decreasing rate in the beginning, then increases at a diminishing rate and finally starts falling. Hence , if large amount of labor-force works on just a flowerpot…

e of land , Marginal returns will increase indefinitely as Law of Diminishing Marginal Returns did not exist . Hence , With large amount of labor , the entire world”s supply of food could be grown in a flowerpot i.e with limited amount of fixed input (capital).


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