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Law of Returns to Scale shows:

A. Technical relationship between input of a variable factor and the resulting output

B. Any economic relationship between input and output

C. An output maximizing relationship

D. A relationship with input changing and corresponding changes in output

Correct Answer : A.


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  1. A market demand curve presumes that:
  2. All money costs can be regarded as:
  3. In monopolistic competition, if a firm lowers its price, the rival firms will:
  4. Marginal cost is the cost:
  5. Which of the following is not characteristic of perfect competition?
  6. The horizontal demand curve for a commodity shows that its demand is:
  7. To attain maximum profits during short-run a firm should produce the output that will:
  8. In finding equilibrium position of a profitmaximizing firm, which technique is most convenient?
  9. The production process is:
  10. Economics is a:
  11. The cost curves of the firm shift due to changes in:
  12. Entry of new firms into a competitive market will shift the supply curve of the:
  13. If a firm produces zero output in the short period then which statement is true?
  14. In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:
  15. In terms of price, the indirect utility function may be:
  16. If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
  17. In the case where two commodities are good substitutes then cross elasticity will be:
  18. Which of the following pairs of commodities is an example of substitutes?
  19. When sales tax is imposed on monopolist, its:
  20. 4.The Law of Diminishing Returns according to the modern view, applies to:
  21. Economic problems arise because:
  22. Supply curves are most elastic:
  23. If the price of a product falls which of the following would occur?
  24. From the resource allocation view point, perfect competition is preferable because:
  25. The long run average cost curve is the envelope of:
  26. The difference between laws of return and laws of return to scale is:
  27. In monopoly:
  28. If the commodity is inferior then:
  29. Consumers Surplus can also be defined as:
  30. Price leadership is associated with: