Economics · Economics
What is a key characteristic of the Cobb-Douglas production function?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It exhibits constant returns to scale only.
- 2It exhibits constant returns to scale when the exponents sum to one.✓
- 3It always exhibits diminishing returns to each factor individually.
- 4It is linear.
Correct answer
It exhibits constant returns to scale when the exponents sum to one.
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