Theory of production, costs & revenue – Test 4

As per law of variable proportion, which of the following may become negative-

The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except__________

“Law of Returns to Scale” is a________concept.

Proportionate increase in all factors of production results in a more than proportionate increase in output is a case of-

Which of the following is not an assumption of the law of variable proportions?

When inputs are increased in a given proportion and output increases in the same proportion it is a case of-

Diminishing returns occur: ………

If a proportionate increase in all inputs results in less than proportionate increase in output, it is a case of-

If increase returns to scale are present, then if all inputs are increased by 10% then: ……..

Marginal product, mathematically, is the slope of the

If decreasing returns to scale are present, than if all inputs are increased by 10% then: ………

The law of variable proportions is drawn under all of the assumptions mentioned below except the assumption that

If constant returns to scale are present, then if all inputs are increased by 10% then: ………..

In describing a given production technology, the short run is best described as lasting________

Diminishing marginal returns for the first four units of a variable input is exhibited by the total product sequence:

Suppose the first fours units of a variable input generate corresponding total outputs of 200, 350, 450, 500. The marginal product of the third unit of input is:

Which is a true statement?

The marginal product of a variable input is best described as-

If Marginal product is equal to average product, then

In the third of the three stages of production

Which of the following statement is true?

Total Fixed Cost Curve (TFC) is-

_______are those cost which do not change with change in output.

__________are those cost which changes in same proportion with change in output.

Which of the following is a variable cost in the short run?