Mention the economies reaped from inside the firm

(a)

financial

(b)

technical

(c)

managerial

(d)

all of the above

Cobb - Douglas production function assumes

(a)

Increasing returns to scale

(b)

Diminishing returns to scale

(c)

Constant returns to scale

(d)

All of the above

Name the returns to scale when the output increases by more than 5%, for a 5% increase in the inputs,

(a)

Increasing returns to scale

(b)

Decreasing returns to scale

(c)

Constant returns to scale

(d)

All of the above

Which of the following is not a characteristic of land?

(a)

Its limited supply

(b)

Its is mobile

(c)

Heterogeneous

(d)

Gift of Nature

Product obtained from additional factors of production is termed as

(a)

Marginal product

(b)

Total product

(c)

Average product

(d)

Annual product

Modern economists have propounded the law of

(a)

Increasing returns

(b)

Decreasing returns

(c)

Constant returns

(d)

Variable proportions

Producer's equilibrium is achieved at the point where:

(a)

Marginal rate of technical substitution (MRTS) is greater than the price ratio

(b)

MRTS is lesser than the price ratio

(c)

MRTS and price ratio are equal to each other

(d)

The slopes of isoquant and isocost lines are different

The relationship between the price of a commodity and the supply of commodity is

(a)

Negative

(b)

Positive

(c)

Zero

(d)

Increase

If average product is decreasing, then marginal product

(a)

must be greater than average product

(b)

must be less than average product

(c)

must be increasing

(d)

both a and c

A production function measures the relation between

(a)

input prices and output prices

(b)

input prices and the quantity of output

(c)

the quantity of inputs and the quantity of output

(d)

the quantity of inputs and input prices