Economics · Producer Behaviour and Supply
Consider the following statements regarding returns to scale: (a) It applies only in the long run (b) All factors are variable (c) It explains changes in output due to scale change (d) It is identical to the law of diminishing returns Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(a), (b), (c) and (d)
- 2(b) and (d) only
- 3(a) and (d) only
- 4(a), (b) and (c) only✓
Correct answer
(a), (b) and (c) only
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