Multiple Choice
When isoquants get progressively closer together there is
A) increasing returns to scale
B) decreasing returns to scale
C) constant returns to scale
Correct Answer:
Verified
Correct Answer:
Verified
Q26: A production function measures how an individual
Q27: When isoquants get progressively further apart there
Q28: Suppose the production function for good q
Q29: In a two-input model you can tell
Q30: The average productivity of capital is defined
Q31: If production is given by Q =
Q33: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2264/.jpg" alt=" With a cubic
Q34: If Q = K<sup>2</sup>L<sup>2</sup> the MP<sub>K</sub> is<br>A)constant<br>B)diminishing<br>C)increasing
Q35: If Q = K<sup>1/2</sup>L<sup>1/2</sup> the MP<sub>K</sub> is<br>A)constant<br>B)diminishing<br>C)increasing
Q36: A production function may exhibit<br>A)constant returns to