Explain Briefly the Following Concepts

question 240

Essay

Explain briefly the following concepts:
a.Increasing returns to scale
b.Decreasing returns to scale
c.Constant returns to scale

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Definitions:

Antitrust Legislation

Laws designed to promote market competition by regulating anti-competitive conduct by companies.

1776

The year associated with the Declaration of Independence of the United States, marking its foundation.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often leading to market inefficiencies and lack of competition.

Price Effect

The effect of a price change of a product or service on its supply or demand.