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| constant returns to scale definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | the property whereby long-run average total cost stays the same as the quantity of output changes | 5 sets | |
| 2 | long-run average total cost stays the same as q of output changes | 2 sets | |
| 3 | a situation in which long run average cost does not change as scale changes | 2 sets | |
| 4 | the property whereby long-run average total cost stays the same as the quantity of output changes (middle flat part of the long-run atc) | 2 sets | |
| 5 | a situation in which long-run average total cost is constant as the output of a firm changes. | 2 sets | |
| 6 | costs per unit of production are the same for any level of production. changes in plant size do not affect the firm's atc. | 2 sets | |
| 7 | long-run average cost does not change. | 1 set | |
| 8 | the property whereby long-run average total cost stays the same as the quantity of an output changes | 1 set | |
| 9 | if all the inputs are changed by a given percentage, then output will change in the same direction by the same percentage | 1 set | |
| 10 | the property by whereby long-run average total cost stays the same as the quantity of output changes | 1 set | |
| 11 | a situation in which output increases in proportion to the change in all inputs as the scale of production is increased | 1 set | |
| 12 | the horizontal range of long-run average total cost where lrac is constant over a variety of plant sizes | 1 set | |
| 13 | when, if all inputs are increased by a certain percentage, output increases by the same percentage | 1 set | |
| 14 | unit costs remain constant as the quantity of production is increased and all resouces are variable | 1 set | |
| 15 | a situation in which the long-run total cost increases proportionately with output, so average cost is constant | 1 set | |
| 16 | where long-run average total costs do not change with an increase in output | 1 set | |
| 17 | a situation in which long-run average cost does not change as scale changes. | 1 set | |
| 18 | range over which long-run atc does not change. | 1 set | |
| 19 | the state in which the long-run average total cost stays the same as the quantity of output produced increases or decreases (i.e., the unit cost stays the same regardless of the number of units produced) | 1 set | |
| 20 | unit costs remain constant as the quantity of production is increased and all resources are variable | 1 set | |
| 21 | occurs when doubling inputs exactly doubles outputs. average cost curve is horizontal. | 1 set | |
| 22 | a range over which the long run average cost does not change | 1 set | |
| 23 | when expanding all inputs does not change the average cost of production | 1 set | |
| 24 | output doubles when all inputs are doubled | 1 set | |
| 25 | a situation in which long- run average cost | 1 set | |
| 26 | an increase in a firms scale of production has no effect on costs per unit produced | 1 set | |
| 27 | a situation in which long-run average cost does not change as scale changes | 1 set | |
| 28 | situation in which there are neither economies nor diseconomies of scale | 1 set | |
| 29 | input change equals output change, lowest possible long run average cost | 1 set | |
| 30 | output will rise by the same proportionate increase as all inputs | 1 set | |
| 31 | no change in long-run average costs when output increases. | 1 set | |
| 32 | the property whereby long-run average total cost stays the same as the quantity of output increases | 1 set | |
| 33 | if the use of all inputs increases by k per cent, output also increases by k per cent. long-run average cost is constant with respect to changes in output. | 1 set | |
| 34 | the situation when a firm's long-run average cost remains unchanged as it increases output. | 1 set | |
| 35 | the property whereby long run average total cost stays the same as the quantity of output changes | 1 set | |
| 36 | the property where by long run average total cost falls as the quantity of output changes | 1 set | |