When the output of a process increases in small increments or goes down with increase of input. Declining ratios are inefficient. AKA decreasing returns to scale. Refer to economies of scale and constant returns to scale.
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When the output of a process increases in small increments or goes down with increase of input. Declining ratios are inefficient. AKA decreasing returns to scale. Refer to economies of scale and constant returns to scale.
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