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Returns to scale is a:

A. Timeless phenomenon

B. Short run phenomenon

C. Long run phenomenon

D. None of the above

Correct Answer : C.


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  1. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  2. When the output of a firm is increasing, its average fixed cost:
  3. Which of the following is an implicit cost of production?
  4. The optimum level of output in long run takes place where:
  5. Technological efficiency:
  6. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the…
  7. The shape of the TC curve is:
  8. Total profits are maximized at the point where:
  9. The ordinary demand curve is also called:
  10. A fall in demand for the product under monopolistic competition will likely result in:
  11. Price effect occurs on the higher IC in case of:
  12. Marginal Productivity Theory deals with the theory of:
  13. If Cobb-Douglas production function is homogeneous of degree less than one (n
  14. The concept of product differentiation was firstly introduced by:
  15. A monopoly producer has:
  16. The behavior of MC curve is determined by the behavior of the:
  17. Under perfect competition, at equilibrium, marginal cost is:
  18. The relationship between AC and MC curves depend upon the behavior of:
  19. Change in demand (rise and fall of demand) is:
  20. Who formulated the Post-Keynsian Theory of Distribution and Growth?
  21. In monopolistic competition, the aim of the firm is to:
  22. When the income of consumer increases then budget line will:
  23. If there are many firms producing similar but differentiated products, the competition is generally…
  24. Monopolistic firm can fix:
  25. An optimum level of a firms output is:
  26. Economics is a:
  27. The factors of production in perfect competition are:
  28. Marginal utility (MU) always:
  29. The game theory concentrates on:
  30. A maximin strategy: