All of these statements about the production function are true EXCEPT a) the curve features 3 distinct regions: increasing returns to scale, constant returns to scale, and diminishing returns to scale. b)the curve's shape matches and its description of the interaction between the graph's axes represents the law of diminishing returns c) it can be applied to many economic markets d) one variation is used to show the difference between firm and market specific risk

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Chapter7: Production Economics
Section: Chapter Questions
Problem 8E
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All of these statements about the production function are true EXCEPT

a) the curve features 3 distinct regions: increasing returns to scale, constant returns to scale, and diminishing returns to scale.

b)the curve's shape matches and its description of the interaction between the graph's axes represents the law of diminishing returns

c) it can be applied to many economic markets

d) one variation is used to show the difference between firm and market specific risk

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