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AP Microeconomics
Unit 3 – Production, Cost, and the Perfect Competition Model
Topic 3.1
Unit 3 – Production, Cost, and the Perfect Competition Model
3.1 The Production Function
mixed difficulty
What does decreasing returns to scale imply?
Production less than doubles when inputs are doubled.
Production more than doubles when inputs are doubled.
Doubling inputs has no effect on output.
Doubling inputs perfectly doubles output.
Study guides (1)
AP Microeconomics - 3.1 The Production Function
Key terms
Decreasing Returns to Scale
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