Examlex

Solved

In January 2008, Revised PACE Codes of Practice A-E Came

question 12

Multiple Choice

In January 2008, revised PACE Codes of Practice A-E came into force. Match up the Code to what is relates t
-Code B


Definitions:

Diminishing Returns to Scale

A situation where, as more inputs are used, the incremental increase in output decreases.

Economies of Scale

Economies of scale refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.

Constant Returns to Scale

A situation in production where increasing the inputs exactly proportionally results in an equivalent increase in output.

Economies of Scale

The financial benefits gained by businesses as a result of their operation size, wherein the expense for each unit produced typically drops as the scale expands.

Related Questions