In production process if we keep on adding successive units of a variable resources to fixed resources Select one: a) The total product will increase by diminshing amounts; reach a maximum and then decline b) None of the answers are correct c) The total product will keep on increasing and will never reach to a maximum d) The total product will keep on increasing and will stop at a maximum e) The total product will keep on decreasing and will stop at a maximum

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.