Examlex
Term for identification: Suleiman
Constant Returns To Scale
A situation in production where an increase in the input of resources leads to a proportionate increase in output, resulting in no change in average costs.
Production Function
The relationship between the quantity of inputs used to make a good and the quantity of output of that good.
Inputs
Resources such as labor, materials, and capital that are used in the production process to create goods or services.
Output
The total quantity of goods or services produced within a given period by a firm, industry, or country.
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