If a firm's output less than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale.
B) imperfect competition.
C) intra-industry equilibrium.
D) constant returns to scale
E) decreasing returns to scale.
E
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What is the relationship between the growth rate of real GDP and the growth rate of real GDP per person?
What will be an ideal response?
Which point or output-combination in the above graph could the nation produce only if it experienced inefficiency?
Combination F Combination E Combination C Combination G
Which of the following checks issued by the government represents a transfer payment?
A) The federal government pays a defense contractor for development of a missile system. B) The federal government pays a retiree her Social Security benefits. C) The state of Oregon pays a construction firm for its work in repairing a state highway. D) The state of Illinois pays groundskeepers at the state capitol building their weekly wages.
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first two workers?
A) 15 cookies B) 20 cookies C) 17.5 cookies D) 35 cookies