With ______________,Inputs Increase in Direct Proportion to the Increase in Output

question 28

Multiple Choice

With ______________,inputs increase in direct proportion to the increase in output.

• A)increasing returns to scale
• B)decreasing returns to scale
• C)constant returns to scale
• D)international returns to scale

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Definitions:

Implied Authority

The power assumed to be held by an agent as it is necessary to carry out his or her express authority.

Apparent Authority

The perception created by the actions of a principal, leading third parties to believe that an agent has authority to act on behalf of the principal.

Warranties

Legally binding guarantees provided by a seller to a buyer, assuring that a product or service meets certain quality and performance standards.

Limitation

A legal restriction or time frame within which certain actions must be taken, such as filing lawsuits or making claims, to remain valid or enforceable.