Economics · Production Function and Returns to Scale
Consider the following statements regarding Returns to Scale: 1. Increasing returns to scale occur when output increases more than proportionately to inputs. 2. Constant returns to scale occur when output increases in the same proportion as inputs. 3. Decreasing returns to scale occur when output increases less than proportionately to inputs. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3✓
- 21 and 3 only
- 31 and 2 only
- 42 and 3 only
Correct answer
1, 2 and 3
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