Examlex
A fall in the price of a firm's output
Returns To Scale
The change in output resulting from a proportional change in all inputs (factors of production) in the long term, indicating whether the output increases, decreases, or stays the same.
Production Function
A mathematical expression that describes the relationship between inputs used in production and the output generated from those inputs.
Input
The resources used in the production process, such as labor, raw materials, and capital.
Returns To Scale
The change in output resulting from a proportional change in all inputs (factors of production) in the production process.
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