Increasing return to a factor
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
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Increasing return to a factor is the first level of Law of return to a factor. Whenever more and more units of a variable factor is joined with fixed factor up to a certain phase, the total physical product increases along with increasing rate.
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At any point on short-run supply curve of a competitive industry, every firm produces at the similar: (w) rate of technological equilibrium. (x) average cost. (y) marginal cost. (z) positive level of economic profit. Discover Q & A Leading Solution Library Avail More Than 1445238 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1925721 Asked 3,689 Active Tutors 1445238 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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