Need Was Defined as ____________________ Between What Is and What

question 31

Multiple Choice

Need was defined as ____________________ between what is and what should be.

• A) a discrepancy
• B) an identity
• C) a similarity
• D) a confusion

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Definitions:

Constant Returns to Scale

A situation in production where increasing all inputs by a certain factor results in output increasing by the same factor, indicating proportionate scalability.

AP

Advance Placement; a program in the United States and Canada offering college-level curriculum and examinations to high school students.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Diseconomies of Scale

The situation where a company or business grows so large that the costs per unit increase, leading to inefficiency.