MCQ
Production refers to the creation of ……………………….
- APrice
- BMarket
- CCost
- ✓Utilities
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| a) | $(\alpha+\beta)=1$ | 1) | Diminishing returns |
| b) | $(\alpha+\beta)<1$ | 2) | Cobb-Douglas |
| c) | $(\alpha+\beta)>1$ | 3) | Constant returns |
| d) | $Q =A L ^\alpha K ^\beta$ | 4) | Increasing returns |
| a) | Unitary elastic supply | 1) | Es =0 |
| b) | Relatively inelastic supply | 2) | Es =1quad |
| c) | Perfectly inelastic supply | 3) | Es < 1 |
| d) | Perfectly elastic supply | 4) | Es =alpha |