Which of the following statements describes increasing returns to scale:
A) Doubling the inputs used leads to double the output.
B) Increasing the inputs by 50% leads to a 25% increase in output.
C) Increasing inputs by 1/4 leads to an increase in output of 1/3.
D) None of the above.
Correct Answer:
Verified
Q1: Which of the following statements describes the
Q3: Economies of scale exist if:
A)As the amount
Q4: The total product curve may initially show
Q5: If labour is the only variable resource
Q6: When both average and total product are
Q7: Costs incurred only when production occurs are
Q8: Which of the following is irrelevant for
Q9: Diminishing marginal returns are most compatible with:
A)Economies
Q10: In economic theory the costs of a
Q11: The short run as the term is
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