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The table below shows the number of years of jail time that two burglars, Alf and Doug, will receive, depending on whether each decides to confess and implicate his partner, or to remain silent.
-Based on this table,if Doug and Alf both confess,then they:
Isoquants
Curves on a graph that represent combinations of factors of production that yield the same level of output.
Scale
The size or level of activity of a project, business, or operation, which can significantly affect its efficiency, costs, and profitability.
Decreasing Returns
A principle where an increase in the amount of one factor of production, while other factors are held constant, results in a lower ratio of output per input.
Diminishing Returns
A principle stating that if one factor of production is increased while others are held constant, the incremental output will eventually decrease.
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