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Question
Who has given a broader and more acceptable definition of the law of increasing returns?
Who has given a broader and more acceptable definition of the law of increasing returns?
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Solution
The correct option is B Mrs Joan Robinson
The definition as given by Mrs. Robinson is, "Increasing Returns to a factor states that when an increasing amount of a factor of production is employed it generally brings about an improvement in organisation. As a result of it, units of the factor concerned become more efficient and to increase production it will not be necessary to increase the physical quantity of the factor in the same proportion."
The definition as given by Mrs. Robinson is, "Increasing Returns to a factor states that when an increasing amount of a factor of production is employed it generally brings about an improvement in organisation. As a result of it, units of the factor concerned become more efficient and to increase production it will not be necessary to increase the physical quantity of the factor in the same proportion."
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