If there are constant returns to scale, the production function can be written as
a. xY = 2xAF(L, K, H, N).
b. Y/L = A F(xL, xK, xH, xN).
c. Y/L = A F( 1, K/L, H/L, N/L).
d. L = AF(Y, K, H, N).
c
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The above figure shows the demand curve for movie rentals from Redbox. At which of the following prices is the demand unit elastic?
A) $5.00 B) $3.50 C) $2.50 D) $0.00
The highest rate of U.S. growth was recorded in which of the following periods?
A) 1948-73 B) 1967-83 C) 1974-95 D) 1996-2008
A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent chance the firm's demand curve will be P = 20 ? Q and a 50 percent chance it will be P = 40 ? Q. The marginal cost of the firm is MC = Q. The expected profit-maximizing quantity is:
A. 15. B. 20. C. 5. D. 10.
One source of inefficiency associated with monopolies stems from their insulation from competition and thus reduced incentive to cut costs and innovate.
Answer the following statement true (T) or false (F)