Holding output constant, the MRTS is:
A) the ratio of the total products of two inputs.
B) the ratio of the prices of two inputs.
C) the ratio of the APs of two inputs.
D) the ratio of the MPs of two inputs.
Correct Answer:
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Q2: For any homothetic production function:
A)the output- expansion
Q3: Increasing returns to scale are said to
Q4: For a firm that experiences decreasing returns
Q5: A feasible input bundle lies:
A)above or on
Q6: Long run total costs are always:
A)a function
Q8: When returns to scale are decreasing, long
Q9: The scale- elasticity of output measures:
A)the slope
Q10: The Marginal Rate of Technical Substitution refers
Q11: An isocost line is defined as the
Q12: Fixed proportions production functions always have:
A)varying returns
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