Economies of scale are exclusively a long-run phenomenon,while the law of diminishing returns applies to both the short-run and to the long-run.

Name: Economies of scale are exclusively a long-run phenomenon,while the law of diminishing returns applies to both the short-run and to the long-run.
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

Economies of scale can occur in both the short-run and long-run, while the law of diminishing returns typically applies to the short-run when at least one factor of production is fixed.

Economies of Scale Are Exclusively a Long-Run Phenomenon,while the Law