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If Cobb-Douglas production function is homogeneous of degree less than one (n<1), then it shows:

A. Constant returns to scale

B. Increasing returns to scale

C. Decreasing returns to scale

D. None of the above

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  1. A firm can never produce in the middle area of input space, in case of:
  2. When the output of a firm is increasing, its average fixed cost:
  3. The advantage of using indifference curves rather than marginal utilities is:
  4. The total revenue curve for monopolist is the shape of:
  5. Increasing returns imply:
  6. A price is a ratio of exchange between:
  7. In price leadership, like leader, the follower firm may:
  8. Labor Saving Technological Progress can be defined as:
  9. If in the long run, output increases in the same proportion as increase in all the input in the given…
  10. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  11. Because of selling costs, the demand curve of a firm shifts:
  12. Isocost line shows the combinations of labor and capital where a firms budget is:
  13. Of the following, which one is a characteristic of monopolistic competition?
  14. Engel curves shows that:
  15. Demand for a commodity is elastic when it has
  16. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  17. In sweezy model (kinked demand curve model), the role of MC curve:
  18. The central problem of economics is:
  19. If the commodity is normal then fall in price will result in:
  20. Who developed the concept of Representative Firm?
  21. In second degree price discrimination, monopolist takes away :
  22. In real life, brand loyalty is a barrier to:
  23. Identify the work of Irving Fisher:
  24. The number of firms in monopolistic competition normally range between:
  25. Now-a-days in real life, we are unable to fined:
  26. The competitive equilibrium leads to:
  27. In case of budget line, we get pairs of two goods where consumers income is:
  28. The demand for cigarettes is price inelastic implying a unit tax on this commodity will
  29. Income-demand curve shows:
  30. In a competitive market, price is determined primarily by: