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QUESTION
2. Long-run production. a. What is the key feature of long-run production? b. What does Constant/Diminishing/Increasing Returns to Scale mean?
2. Long-run production.
a. What is the key feature of long-run production?
b. What does Constant/Diminishing/Increasing Returns to Scale mean? Explain in words first. Then use graph or mathematical equation to explain.
c. Give an example for each different scenario.
