Define exemplify. exemplify synonyms, exemplify pronunciation, exemplify translation, English dictionary definition of exemplify. tr.v. exÂ·emÂ·pliÂ·fied , exÂ·emÂ·pliÂ·fyÂ·ing , exÂ·emÂ·pliÂ·fies 1. a. To illustrate by example: exemplify an argument. b. To serve as an example of: scenes that...
The law of increasing costs, a commonly held economic principle, states that an operation running at peak efficiency and fully utilizing its fixed-cost resources, will experience a higher cost of production and decreased profitability per output unit with further attempts at increasing production.
The price of sugarcane will not rise and so the law of diminishing returns will not operate. The law of diminishing returns, therefore, in due to Imperfect substitutability of factors of production. The law of diminishing returns is also called as the Law of Increasing Cost.