Returns to scale is a - (1) timeless phenomenon (2) directionless phenomenon (3) short-run phenomenon (4) long-run phenomenon

Returns to scale is a - (1) timeless phenomenon (2) directionless phenomenon (3) short-run phenomenon (4) long-run phenomenon
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(4) long-run phenomenon Explanation: Returns to Scale refers to changes in production that occur when all resources are proportionately changed in the long run. It comes in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. It is the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.
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Returns to scale is a (1) timeless phenomenon (2) directionless phenomenon (3) short-run phenomenon (4) long-run phenomenon

Description : Returns to scale is a (1) timeless phenomenon (2) directionless phenomenon (3) short-run phenomenon (4) long-run phenomenon

Last Answer : long-run phenomenon

The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Description : The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Last Answer : (a) Increase in production due to specialization and division of labour;

The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory

Description : The positively sloped part of long run cost curve of a firm is due to (a) Economies of scale ; (b) Diseconomies of scale; (c) Diminishing returns to scale ; (d) Marginal utility theory

Last Answer : (b) Diseconomies of scale;

Why is the law of diminishing marginal returns true? a. specialization and division of labor b. spreading the average fixed cost c. limited capital d. all factors being variable in the long-run

Description : Why is the law of diminishing marginal returns true? a. specialization and division of labor b. spreading the average fixed cost c. limited capital d. all factors being variable in the long-run

Last Answer : c. limited capital

If a change in all inputs leads to a proportionate change in output, it is case of - (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Description : If a change in all inputs leads to a proportionate change in output, it is case of - (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Last Answer : (1) Constant returns to scale Explanation: If output increases by that same proportional change as all inputs change then there are constant returns to scale (CRS). If output increases by less than ... by more than that proportional change in inputs, there are increasing returns to scale (IRS).

4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Description : 4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Last Answer : c. labor is a large percent of the total cost of production

In Cobb-Douglas production function Q = ALα Kβ there will be increasing returns to scale, if (a) α + β = 1 (b) α + β > 0 (c) α + β > 1 (d) α + β < 1

Description : In Cobb-Douglas production function Q = ALα Kβ there will be increasing returns to scale, if (a) α + β = 1 (b) α + β > 0 (c) α + β > 1 (d) α + β < 1

Last Answer : (c) α + β > 1

If a change in all inputs leads to a proportionate change in output, it is case of (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Description : If a change in all inputs leads to a proportionate change in output, it is case of (1) Constant returns to scale (2) Diminishing returns to scale (3) Increasing returns to scale (4) Variable returns to scale

Last Answer : Constant returns to scale

The law of diminishing returns applies in……………. (a) Short run ; (b) Long run ; (c) Very short run ; (d) All the time period

Description : The law of diminishing returns applies in……………. (a) Short run ; (b) Long run ; (c) Very short run ; (d) All the time period

Last Answer : (a) Short run ;

Quasi rent is a ______ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Description : Quasi rent is a ______ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Last Answer : (3) short term Explanation: Quasirent is a term in economics that describes certain types of returns to firms. It differs from pure economic rent in that it is a temporary phenomenon. It ... run, such as the granting of patents or other legal protections for intellectual property by governments.

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Description : Quasi rent is a_________ phenomenon. (1) medium term (2) long term (3) short term (4) no time

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In the short run, diminishing marginal returns is implied by (a) Rising MC ; (b) Falling MC ; (c) Rising AVC ; (d) Constant TC

Description : In the short run, diminishing marginal returns is implied by (a) Rising MC ; (b) Falling MC ; (c) Rising AVC ; (d) Constant TC

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If an industry is characterized by economies of scale then - (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) capital requirement are small due to the efficiency of the large scale operation (4) the costs of entry into the market are likely to be substantial

Description : If an industry is characterized by economies of scale then - (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial

Last Answer : (2) long run unit costs of production decreases as the quantity the firm produces increases Explanation: In microeconomics, economies of scale are the cost advantages that an enterprise obtains due to expansion ... in unit cost as the size of a facility and the usage levels of other inputs increase.

If an industry is characterised by economies of scale then (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) capital requirement are small due to the efficiency of the large scale operation (4) the costs of entry into the market are likely to be substantial

Description : If an industry is characterised by economies of scale then (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial 

Last Answer : long run unit costs of production decreases as the quantity the firm produces increases

Which one of the following statements is WRONG? (A) A singlet or triplet state may result when one of the electrons from the HOMO is excited to higher energy levels (B) In an excited singlet state, the spin of the electron in the higher energy orbital is paired with the electron in the ground state orbital (C) Triplet excited state is more stable than the singlet excited state (D) When the electron from the singlet excited state returns to ground state, the molecule always shows fluorescence phenomenon

Description : Which one of the following statements is WRONG? (A) A singlet or triplet state may result when one of the electrons from the HOMO is excited to higher energy levels (B) In an ... the electron from the singlet excited state returns to ground state, the molecule always shows fluorescence phenomenon

Last Answer : (C) Triplet excited state is more stable than the singlet excited state

Symbols that mean "eternal" or "timeless" or "infinity" or "forever"?

Description : Symbols that mean "eternal" or "timeless" or "infinity" or "forever"?

Last Answer : answer:We recently had a similar question… I’ll search it out. Found it! www.fluther.com/162544/help-i-need-suggestions-for-engraving-infinity-on-wedding-glasses-please/

What is the timeless appeal of romantic fairy tales?

Description : What is the timeless appeal of romantic fairy tales?

Last Answer : Because kids like the story about the pretty princesses falling in love

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Last Answer : Perhaps it means in the sense of, it will stand the test of time? As in, 100 years in the future, someone could read it and say, “Oh ho, I get that.” well, maybe not. I would read it as something that has relevance to anybody at any point in time. Dunno if that helps. Good luck!

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Last Answer : He emphasized themes that were moving and memorable

Are there any timeless costumes that can be used by a younger sibling after the older sibling has used it?

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Description : What type of engagement rings are considered timeless?

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In short run, if a competitive firm incurs losses, it will - (1) stop production. (2) continue to produce as long as it can cover its variable costs. (3) raise price of its product. (4) go far advertising campaign.

Description : In short run, if a competitive firm incurs losses, it will - (1) stop production. (2) continue to produce as long as it can cover its variable costs. (3) raise price of its product. (4) go far advertising campaign.

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Why is rent earned by land even in the long run? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Description : Why is rent earned by land even in the long run? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

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Implicit costs are (a) equal to total fixed costs (b) comprised entirely of variable costs (c) payments for self-employed resources(d) always greater in the short run than in the long run

Description : Implicit costs are (a) equal to total fixed costs (b) comprised entirely of variable costs (c) payments for self-employed resources (d) always greater in the short run than in the long run

Last Answer : (c) payments for self-employed resources

Keynesian analysis is (a) A short run analysis. (b) Long run analysis. © Both short and long run analysis. (d) Neither short nor long run analysis.

Description : Keynesian analysis is (a) A short run analysis. (b) Long run analysis. © Both short and long run analysis. (d) Neither short nor long run analysis.

Last Answer : (a) A short run analysis.

In short run, if a competitive firm incurs losses, it will (1) stop production. (2) continue to produce as long as it can cover its variable costs. (3) raise price of its product. (4) go far advertising campaign.

Description : In short run, if a competitive firm incurs losses, it will (1) stop production. (2) continue to produce as long as it can cover its variable costs. (3) raise price of its product. (4) go far advertising campaign.

Last Answer : stop production.

Why is rent earned by land even in the long run ? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Description : Why is rent earned by land even in the long run ? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Last Answer : Its supply is inelastic in the long run

Promotion efforts are subject to a. economies of scale. b. increasing returns. c. diminishing returns. d. promotion expenditure. e. customer awareness.

Description : Promotion efforts are subject to a. economies of scale. b. increasing returns. c. diminishing returns. d. promotion expenditure. e. customer awareness.

Last Answer : c. diminishing returns.

When a firm enters the law of diminishing returns to scale (a) TVC curve begins to fall at an increasing rate (b) TVC curve begins to increase at an increasing rate (c) TVC curve begins to fall at an decreasing rate (d) TVC curve begins to increase at an decreasing rate

Description : When a firm enters the law of diminishing returns to scale (a) TVC curve begins to fall at an increasing rate (b) TVC curve begins to increase at an increasing rate (c) TVC curve begins to fall at an decreasing rate (d) TVC curve begins to increase at an decreasing rate

Last Answer : (a) TVC curve begins to fall at an increasing rate 

Law of returns to scale applies when……… (a) All inputs cost are variable ; (b) All input cost are fixed; (c) All cost are partly fixed and partly variable ; (d) None

Description : Law of returns to scale applies when……… (a) All inputs cost are variable ; (b) All input cost are fixed; (c) All cost are partly fixed and partly variable ; (d) None

Last Answer : (a) All inputs cost are variable ;

In the case of monopolistic competition A.MR curve cannot be defined B.AR curve cannot be defined C.The short run supply curve cannot be defined D.None of the above

Description : In the case of monopolistic competition A.MR curve cannot be defined B.AR curve cannot be defined C.The short run supply curve cannot be defined D.None of the above

Last Answer : C.The short run supply curve cannot be defined

Quasi-Rent arises from (a) Land (b) Labour (c) Capital (d) Factors whose supply in the short run is inelastic.

Description : Quasi-Rent arises from (a) Land (b) Labour (c) Capital (d) Factors whose supply in the short run is inelastic.

Last Answer : (c) Capital

A firm should cease production in the short(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost run if

Description : A firm should cease production in the short run if(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost

Last Answer : (d) Price is less than average variable cost

Afirm will close down in the short run, if AR is less than (a) AC (b) AVC © MC (d) none of the above

Description : Afirm will close down in the short run, if AR is less than (a) AC (b) AVC © MC (d) none of the above

Last Answer : (b) AVC

Which of the following are not characteristics of Keynesian consumption function? (a) The main influence on consumption in the short run is current disposable income (b) The marginal propensity to consume is less than one © The average propensity to consume decreases as income increases (d) The average propensity to consume increases as income increases

Description : Which of the following are not characteristics of Keynesian consumption function? (a) The main influence on consumption in the short run is current disposable income (b) The marginal ... consume decreases as income increases (d) The average propensity to consume increases as income increases

Last Answer : d) The average propensity to consume increases as income increases

An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes zero. (3) the Diminishing Marginal Returns sets into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Description : An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes ... into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Last Answer : (4) the Marginal Revenue Productivity of a factor becomes equal to its reward. Explanation: 'According to the Marginal Productivity Theory, the reward or the price of a factor unit depends upon its ... marginal cost of the factor is greater than MRP, it will reduce employment to reduce its loss.

It is prudent to determine the size of the output when the industry is operating in the stage of - (1) increasing returns (2) constant returns (3) diminishing returns (4) negative returns

Description : It is prudent to determine the size of the output when the industry is operating in the stage of - (1) increasing returns (2) constant returns (3) diminishing returns (4) negative returns

Last Answer : (3) diminishing returns Explanation: In economics, diminishing returns (also called diminishing marginal returns) is the decrease in the marginal (per-unit) output of a production process as the ... other factors of production stay constant. This law plays a central role in production theory.

Third stage of Law of Variable Proportion is called - (1) negative returns (2) positive returns (3) constant returns (4) increasing returns

Description : Third stage of Law of Variable Proportion is called - (1) negative returns (2) positive returns (3) constant returns (4) increasing returns

Last Answer : (1) negative returns Explanation: The stages of Law of Variable Proportion are: Stage 1: Increasing return: Stage 2: Diminishing return; and Stage 3: Negative Return. In the third stage Marginal Product of variable factor is zero. In this stage the Total Product starts diminishing.

Under increasing returns the supply curve is - (1) positively sloped from is to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Description : Under increasing returns the supply curve is - (1) positively sloped from is to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Last Answer : (1) positively sloped from is to right Explanation: Supply curve, in economics, is a graphic representation of the relationship between product price and quantity of product that a seller is willing and ... i.e as the price of a commodity increases in the market, the amount supplied increases).

The law of diminishing returns applies to - (1) All sectors (2) Industrial sector (3) Agricultural sector (4) Service sector

Description : The law of diminishing returns applies to - (1) All sectors (2) Industrial sector (3) Agricultural sector (4) Service sector

Last Answer : (1 ) All sectors Explanation: The classical economists were of the opinion that - the law of diminishing returns applies only to agriculture and to some extractive industries, such as mining, fisheries urban land, etc. However, it is applicable to other sectors such as manufacturing as well.

The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point: a. Total physical product begins to fall b. The marginal physical product rises c. The marginal physical product falls d. The average physical product falls

Description : The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point: a. Total physical product begins ... The marginal physical product rises c. The marginal physical product falls d. The average physical product falls

Last Answer : c. The marginal physical product falls

Diminishing returns occurs when a firm (a) uses too much of all inputs (b) uses more and more of one input while holding another inputs constant © does not utilize its inputs efficiently (d) cut down on the quantity of all inputs it uses

Description : Diminishing returns occurs when a firm (a) uses too much of all inputs (b) uses more and more of one input while holding another inputs constant © does not utilize its inputs efficiently (d) cut down on the quantity of all inputs it uses

Last Answer : b) uses more and more of one input while holding another inputs constant

An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes zero. (3) the Diminishing Marginal Returns sets into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Description : An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes ... into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Last Answer : the Marginal Revenue Productivity of a factor becomes equal to its reward.

The law of diminishing returns applies to (1) All sectors (2) Industrial sector (3) Agricultural sector (4) Service sector

Description : The law of diminishing returns applies to (1) All sectors (2) Industrial sector (3) Agricultural sector (4) Service sector

Last Answer : All sectors

Third stage of Law of Variable Proportion is called (1) negative returns (2) positive returns (3) constant returns (4) increasing returns

Description : Third stage of Law of Variable Proportion is called (1) negative returns (2) positive returns (3) constant returns (4) increasing returns

Last Answer : negative returns

Under increasing returns the supply curve is (1) positively sloped from left to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Description : Under increasing returns the supply curve is (1) positively sloped from left to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Last Answer : positively sloped from left to right

It is prudent to determine the size of the output when the industry is operating in the stage of (1) increasing returns (2) constant returns (3) diminishing returns (4) negative returns

Description : It is prudent to determine the size of the output when the industry is operating in the stage of (1) increasing returns (2) constant returns (3) diminishing returns (4) negative returns

Last Answer : diminishing returns