Post-UTME Economics 2009 Objective — Question 3
Question 3 of 13 from the Post-UTME Screening (Post-UTME) Economics 2009 Objective paper, with the correct answer and a full explanation.
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Long-run production is called
- A. returns to scaleCorrect
- B. economics of scale
- C. large scale production
- D. diminishing returns
Explanation
In the long run, when all factors can vary, production changes are described in terms of returns to scale.
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