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Questions and Answers
Which law deals with a production function with one variable input in the short run?
Which law deals with a production function with one variable input in the short run?
- Law of diminishing returns
- Law of increasing returns
- Law of variable proportions (correct)
- Law of returns to scale
In which law can the production be increased only by employing more units of a variable factor, or by keeping the quantities of other factors constant?
In which law can the production be increased only by employing more units of a variable factor, or by keeping the quantities of other factors constant?
- Law of returns to scale
- Law of increasing returns
- Law of variable proportions (correct)
- Law of constant returns
Which law examines the production function with one factor variable, keeping the quantities of other factors fixed?
Which law examines the production function with one factor variable, keeping the quantities of other factors fixed?
- Law of returns to scale
- Law of diminishing returns
- Law of constant returns
- Law of variable proportions (correct)
In which law can the production be increased by increasing the employment of all factors in the same proportion simultaneously in the long run?
In which law can the production be increased by increasing the employment of all factors in the same proportion simultaneously in the long run?
Which law operates in the long run where all factors are variable?
Which law operates in the long run where all factors are variable?
What are the three stages described under the law of variable proportions?
What are the three stages described under the law of variable proportions?
Which law deals with a production function with all variable inputs in the long run?
Which law deals with a production function with all variable inputs in the long run?
What is the modern approach to the laws of returns?
What is the modern approach to the laws of returns?
What does the law of variable proportions explain?
What does the law of variable proportions explain?
'The factors which can be easily increased or decreased are known as?'
'The factors which can be easily increased or decreased are known as?'
What does the term 'production' refer to?
What does the term 'production' refer to?
How can the production function be expressed?
How can the production function be expressed?
What are the factors of production?
What are the factors of production?
What is the aim of production?
What is the aim of production?
What does the production function analyze?
What does the production function analyze?
How is the state of technology represented in the production function?
How is the state of technology represented in the production function?
