The Production Function
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Define decreasing returns to scale.
QUESTION
What does a shift in the production function indicate?
QUESTION
What is the typical shape of a total product curve initially?
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ANSWER
Increasing at an increasing rate, then at a decreasing rate. Reflects diminishing marginal returns after initial gains.
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