If an increase of an equal percentage in all factors of production increases output of the same percentage, then a production function has the property called:
A) constant marginal product of labour.
B) increasing marginal product of labour.
C) constant returns to scale.
D) increasing returns to scale.
Correct Answer:
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Q2: In the circular flow diagram, firms receive
Q4: The price received by each factor of
Q4: The neoclassical theory of distribution:
A) was developed
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Q7: The production function feature called "constant returns
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Q8: A competitive firm chooses the:
A)price at which
Q10: A firm's economic profit is:
A)the price of
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