The variable cost of a firm vary in direct proportion to the
A) volume of its output
B) extent of its profits
C) volume of its sale
D) all of the above
Correct Answer:
Verified
Q1: In short-run
A)all inputs are fixed
B)all inputs are
Q2: In long-run
A)all inputs are fixed
B)all inputs are
Q4: Law of variable proportions is concerned with
A)long-run
Q5: The 'point of inflection' come in which
Q6: A rational producer will select his level
Q7: Total product reaches at maximum when
A)mp is
Q8: Returns to scale refers to the production
Q9: In the case of diminishing returns to
Q10: Increasing returns to scale occurs due to
A)division
Q11: The cause for diminishing returns to scale
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