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Economies of scale are experienced when: the law of diminishing returns holds a variable input is added to a fixed factor of production the total
- Economies of scale are experienced when:
- the law of diminishing returns holds
- a variable input is added to a fixed factor of production
- the total of all factors are variable and output grows at a faster percentage rate than input
- the total of all factors are variable and input grows at a faster percentage rate than output
- the total of all factors are variable and both input and output are growing at the same percentage rate.
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