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The term "constant returns to scale" describes a situation where a. expanding inputs by 15% yields an average output of 15%. b. expanding all inputs changes the average cost of production by

The term "constant returns to scale" describes a situation where

a. expanding inputs by 15% yields an average output of 15%.

b. expanding all inputs changes the average cost of production by a lower percentage.

c. a larger-scale firm can produce at a lower cost than a smaller-scale firm.

d. the quantity of output rises and the average cost of production falls.

Apr 13 2021 View more View Less

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