Returns to Scale Refers To

question 56

Multiple Choice

Returns to scale refers to:

• A)the increase in output that accompanies an increase in one input, all other inputs held constant.
• B)a change in a production process that enables a firm to achieve more output from a given combination of inputs.
• C)the number of units of increase in output that can be obtained from an increase in one unit of input.
• D)the percentage by which output will increase when all inputs are increased by a given percentage.

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Definitions:

Arbitration

A method of dispute resolution in which an impartial third party makes a decision that is usually binding.

Mediation

A form of dispute resolution where a neutral third party assists the parties in reaching a mutually acceptable agreement.

Legal Audits

The process of reviewing and verifying the legal compliance and risks of a company or organization.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in everyday life.