What does increasing returns to a factor means?
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The law of increasing return states that: "When more and more units of a variable factor is employed, while other factor remain fixed, there is an increase of production at a higher rate. ... The output increases at a rate higher than the rate of increase in the employment of variable factor
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Explanation:
The law of increasing return states that: "When more and more units of a variable factor is employed, while other factor remain fixed, there is an increase of production at a higher rate. ... The output increases at a rate higher than the rate of increase in the employment of variable factor.
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