The returns to scale characteristic of a production system:
A) is measured by the way in which inputs can be varied in an unbroken marginal fashion rather than incrementally.
B) illustrates the distinct, or "lumpy," pattern of input combination.
C) shows the relation between output and the variation in all inputs.
D) is the relation between output and variation in only one of the inputs employed.
Correct Answer:
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Q6: Total product divided by the number of
Q7: The production function Q = 0.25X0.5Y exhibits:
A)
Q8: A production function describes the relation between
Q9: When the slope of the average product
Q10: Total output is maximized when:
A) average product
Q12: The law of diminishing returns:
A) deals specifically
Q13: Right-angle shaped isoquants reflect inputs that are:
A)
Q14: A firm will maximize profits by employing
Q15: A new production function results following:
A) a
Q16: The marginal rate of technical substitution is:
A)
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