____________________ Assessment Is Based on Play

question 41

Short Answer

____________________ assessment is based on play.

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Definitions:

Isoquants

Curves on a graph that represent combinations of factors of production that yield the same level of output.

Scale

The size or level of activity of a project, business, or operation, which can significantly affect its efficiency, costs, and profitability.

Decreasing Returns

A principle where an increase in the amount of one factor of production, while other factors are held constant, results in a lower ratio of output per input.

Diminishing Returns

A principle stating that if one factor of production is increased while others are held constant, the incremental output will eventually decrease.