Constant returns output:
A) reflect scarcity
B) does not vary with output
C) increases at an increasing rate as more input is added to the production process
D) increases at an constant rate as more input is added to the production process
Correct Answer:
Verified
Q34: What are the units for TVC?
A) kg
B)
Q35: What are the units for MC?
A) kg
B)
Q36: What are the units for Y?
A) kg
B)
Q37: Profits are:
A) the value of production minus
Q38: A fixed input:
A) does not vary with
Q40: Variable inputs:
A) cannot exist in the long
Q41: The railroad industry is an example of:
A)
Q42: Economic profit equals:
A) total revenues minus fixed
Q43: Which is always true?
A) ATC>AVC
B) MC>AVC
C) MC>ATC
D)
Q44: Accounting profit equals:
A) total revenues minus explicit
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