Returns to scale is a ______ concept because ______.
A) short-run; it's related to the law of diminishing marginal returns
B) short-run; it deals with varying the level of one input while holding other inputs constant
C) long-run; a firm can change its output level only in the long run
D) long-run; it refers to changes in all of the firm's inputs
Correct Answer:
Verified
Q42: With _ returns to scale,production is most
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Q44: Refer to Figure 7.5.Which diagram represents isoquants
Q45: Refer to Figure 7.6.Which graph represents decreasing
Q46: Refer to Figure 7.5.Which diagram represents isoquants
Q48: For the Cobb-Douglas production function F(L,K)= ALαKβ,a
Q49: Refer to Figure 7.4.This isoquant exhibits:
Q50: Consider the Cobb-Douglas production function F(L,K)= ALαK