If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be

Name: If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be
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Question

Quizplus · Accepted Answer

This scenario describes constant returns to scale, where increasing all inputs by a certain percentage results in an equal percentage increase in output.

If All Resources Used in the Production of a Product