Which of the following statements regarding supply and production function are correct? (A) In the short run, a firm can only adjust variable inputs, while in the long run, all inputs can be adjusted. (B) The law of diminishing returns applies when additional units of a variable input are added to a fixed input, resulting in a decline in marginal product. (C) The production function shows the maximum output a firm can produce with a given set of inputs. (D) Returns to scale refer to the relationship between changes in input quantities and resulting changes in output in the long run.

1
1. (A), (C), (D)
2
2. (B), (C), (D)
3
3. (A), (B), (C)
4
4. (A), (C)

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