The law of diminishing returns and returns to scale

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The law of diminishing returns is a short run concept which occurs when at least one factor of production is fixed, while in the long run, firms may experience increasing, decreasing or constant returns to scale. • #aleveleconomics #ibeconomics #aqaeconomics #ocreconomics #edexceleconomics #economicsrevision #diminishingreturns #returnstoscale

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