Multiple Choice
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
Correct Answer:
Verified
Q9: We can define total costs as<br>A) TFC
Q10: Which of the following represents the point
Q11: When counting the cost of a product
Q12: With L representing the quantity of labour,
Q13: Which of the following is a correct
Q15: If firm X benefits from research and
Q16: If marginal cost is above average cost,
Q17: In the short run, by definition, at
Q18: If a doubling of inputs leads to
Q19: By 'diseconomies of scale' economists mean