If a Production Function Has Constant Returns to Scale, Then

question 24

True/False

If a production function has constant returns to scale, then if all inputs double so does production.

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Definitions:

Opportunity Cost

The financial sacrifice of the next preferable alternative when choosing.

Cell Phones

Electronic devices used for mobile telecommunications over a cellular network of specialized base stations.

Herring

A type of fish found in both the Atlantic and Pacific Oceans, commonly used for food.

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over others.