The following table provides information about the relationship between a firm's output and its factors of production in the short run:
Which one of the following statements describes the situation in this firm?
A) There are constant returns to scale.
B) There are diminishing marginal returns.
C) There are increasing returns to scale.
D) There are diminishing returns to scale.
E) There are increasing marginal returns.
Correct Answer:
Verified
Q21: Adam Smith used the term 'division of
Q22: Which of the following is not a
Q23: Which of the following defines organisational economies?
A)
Q24: The ability of a firm to diversify
Q25: The services that supply an industry are
Q27: By 'diseconomies of scale' economists mean
Q28: As firms get larger, specialisation of labour
Q29: The rate at which a firm can
Q30: Assuming that a firm uses three factors
Q31: Which of the following assumptions do we
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents