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Economics

If a production function exhibits constant returns to scale,

1. doubling all of the inputs has absolutely no impact on output because output is constant.

2. doubling all of the inputs less than doubles output due to diminishing returns.

3. doubling all of the inputs more than doubles output due to the catch-up effect.

4. doubling all of the inputs doubles output.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M961137

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