Economics · Theory of Production
A manufacturing firm observes that when its labor input is doubled while capital remains constant, the total output increases by only 60%. This situation indicates that the production process is operating in which of the following stages?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Stage of negative returns
- 2Stage of diminishing returns✓
- 3Stage of constant returns
- 4Stage of increasing returns
Correct answer
Stage of diminishing returns
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