Are returns to a single input and returns to scale one and the same? Explain
No.
Returns to a single input refers to changes in output when a firm increases one input while holding all other input kept constant.
Returns to scale refers to a technical property of production that examines changes in output subsequent to a proportional change in all inputs.
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The United States has ________ social insurance programs, and generally has a ________ unemployment rate, as compared to Canada and Western Europe
A) less generous; lower B) more generous; greater C) less generous; greater D) more generous; lower
Since 1950, there has been a substantial increase in wheat production. The increase in production has led to a decrease in the price of wheat because of which of the following factors?
A) The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is greater than 1. B) The absolute value of the price elasticity of demand for wheat is greater than 1 and wheat is a close substitute for other food products. C) The income elasticity of demand for wheat is high and wheat is an inferior good. D) The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is low.
The length of the short-run is the same for all firms
Indicate whether the statement is true or false
A person acting as a supervisor as well as a residual claimant:
a. attempts to make value-maximizing investment decisions. b. aims to maximize a firm's sales. c. facilitates maximum investment in capital goods. d. reduces risk of opportunism.