Long Run Marginal Cost Curves Are Increasing for Decreasing Returns

question 1

True/False

Long run marginal cost curves are increasing for decreasing returns to scale production technologies.

---

Definitions:

Economic Resources

The assets and inputs required for the production of goods and services, including land, labor, capital, and entrepreneurship.

Per Capita GDP

The gross domestic product of a country divided by its population, providing a per person average that helps in comparing economic well-being across different nations.

Population

The total number of people inhabiting a specific area or country.

Compiling GDP

The process of calculating the gross domestic product of a country, involving summing the total value of all goods and services produced.