For any homothetic production function:
A) the output- expansion path is convex.
B) the output- expansion path is linear.
C) isoquants share a common point.
D) the output- expansion path passes through the origin of the input space.
Correct Answer:
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Q1: The demand for inputs is conditional on
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
Q7: Holding output constant, the MRTS is:
A)the ratio
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
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