Identify and State the Historical Significance of the Following

question 56

Short Answer

Identify and state the historical significance of the following:
-Robert La Follette

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Definitions:

Returns to Scale

The change in output resulting from proportional change in all inputs (factors of production); can be increasing, constant, or decreasing.

Returns to Scale

The change in output resulting from a proportional change in all inputs (factors of production); it identifies whether increasing inputs leads to proportionate, more than proportionate, or less than proportionate changes in output.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good varies as the quantity of production increases.

Average Cost Curve

A graphical representation that shows how the cost per unit of producing a good changes with changes in the volume of output.