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(Solved): True of Flase, justification needed. (e) (2) If a firm in a competitive market has the supply funct ...
(e) (2) If a firm in a competitive market has the supply function, \( y=3 p \), where \( y \) is the output level and \( p \) is the output price, the firm cannot have a constant returns to scale technology.
Expert Answer
True. According to a technology with constant returns to scale, as inputs are all raised by a particu