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Question Practice

What does the production function describe?

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MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
Production And Costs
Question Bank

What does the production funct...

Single Answer MCQ
Q-00089384

What does the production function describe?

1

The costs of production

2

The relationship between input and output

3

The market demand for goods

4

The pricing strategy of a firm

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Q1.

If a production function exhibits constant returns to scale, which of the following is true?

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Q2.

Which production function exhibits increasing returns to scale?

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Q3.

What is the marginal product of labor (MPL)?

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Q4.

If a production function is of the form Q = L^0.5 K^0.5, what type of returns to scale does it exhibit?

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