-The Above Figure Shows the Isoquants for Producing Steel

question 57

Multiple Choice

-The above figure shows the isoquants for producing steel.When producing less than 10,000 tons there are

• A) increasing returns to scale.
• B) decreasing returns to scale.
• C) constant returns to scale.
• D) diseconomies of scale.

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Definitions:

Quantitative Terms

Conditions or parameters that can be measured and quantified, often used in contracts and agreements.

Profit Maximisation

An objective of management to achieve the highest possible profit from operations, usually by increasing revenue and/or reducing costs.

Employee Morale

The overall outlook, attitude, satisfaction, and confidence that employees feel at work, which can significantly impact productivity and retention.

Constraints

Limitations or restrictions that affect the planning, process, or outcome of an activity or system.