Efficiency parameter in production function refers to the———– efficiency:
A) Entrepreneurial-organizational B) Land C) Labor D) Capital
Law material bears———— to output at all levels of production:
A) Constant B) Increasing C) Decreasing D) All of these
Returns to the scale refers to the ————- analysis of law of production:
A) Short-run B) Long-run C) Normal D) All of these
Linear isoquant shows the ———— substitutability of factors of production:
A) Limited B) Unlimited C) Perfect D) All of these
Total expenditure of consumers in market is derived by:
A) Individual demand B) Market demand C) Market price D) …
If close substitutes of goods are available then demand for goods is:
A) More elastic B) Inelastic C) Elastic D) None of these
If elasticity is equal to infinity then demand is:
A) Elastic B) Inelastic C) Perfectly elastic D) Perfectly inelastic
If elasticity is equal to 0 then demand is:
A) More elastic B) Inelastic C) Perfect inelastic D) None of these
Arch elasticity is also known as——— elasticity:
A) Income elasticity B) Consumption elasticity C) Average elasticity D) Normal …
Point elasticity is used when change in price is:
A) Normal B) Small C) Greater D) All of these