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The difference between laws of return and laws of return to scale is:

A. In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable

B. In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable

C. Both a and b

D. None of the above

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  1. Karl Marx:
  2. The concept of industry in monopolistic competition has been replaced by:
  3. Micro economics is concerned with:
  4. The equilibrium level of output for the pure monopolist is where:
  5. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  6. The long run average cost curve is the envelope of:
  7. The cost of one thing in terms of the alternative given up is known as:
  8. At high prices, demand is likely to be:
  9. Which of the following is not an explicit cost of production?
  10. In case of monopoly:
  11. The number of sellers in oligopoly are:
  12. Which of the following oligopoly models is concerned with the maximization of joint profits?
  13. The least cost combination of factors x , y and z will generally be the point at which:
  14. An iso-product (an isoquant) curve slopes:
  15. The standard form of demand function is:
  16. Pure monopoly exists:
  17. The total revenue curve for monopolist is the shape of:
  18. In repeated game, the Prisoners Dillemma can have a:
  19. The basic and essential economic problems in a community are related to choice and:
  20. The products, under monopolistic competition are differentiated, yet they are:
  21. Because of selling costs, the demand curve of a firm shifts:
  22. The firm is at equilibrium where:
  23. In monopolistic competition, the aim of the firm is to:
  24. Economic laws are:
  25. The largest possible loss that a firm will make in the short run is:
  26. In collusive olligopoly, the firms may make:
  27. When was Adam Smiths major work An Enquiry into the Nature and Causes of Wealth of Nations published?
  28. Marginal revenue from a given output:
  29. MC curve is:
  30. Which is the first-order condition for the profit of a firm to be maximum?