Economics Homework Help
In general, which of the following implies that eventually marginal costs will increase as a firm produces more
In general, which of the following implies that eventually marginal costs will increase as a firm produces more
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output?
A) The law of diminishing returns.
B) A production function displaying increasing returns to scale.
C) Profit maximizing behavior by the firm.
D) The law of equi-marginal returns.
If the quantities of all inputs are increased by thirty percent and output expands by twenty-five percent, then the firm is experiencing:
A) constant returns to scale.
B) increasing returns to scale.
C) decreasing returns to scale.
D) no returns to scale.
