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Consider the following statements1. The increasing returns to scale imply that the marginal product of a variable factor will always increase.2. The constant returns to scale imply that the marginal product of a variable factor will always diminish3. Managerial diseconomies constitute an important cause of decreasing returns to scale Which of these statements is/are correct?

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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


Consider the following statements<br>1. The increasing returns to scale imply that the marginal product of a variable factor will always increase.<br>2. The constant returns to scale imply that the marginal product of a variable factor will always diminish<br>3. Managerial diseconomies constitute an important cause of decreasing returns to scale Which of these statements is/are correct?






 
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