If you double input, output less than doubles.
What will be an ideal response?
Ans: Decreasing returns to scale
Economics
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When producers agree to restrict output, raise the price, and increase profits, the agreement is called ________
A) a pricing agreement B) an oligopoly agreement C) a collusive agreement D) a monopoly agreement
Economics
An indifference curve is:
a. downward sloping and concave to the origin. b. downward sloping and convex to the origin. c. upward sloping and concave to the origin. d. upward sloping and convex to the origin.
Economics