An Iso-cost line represents
A. | Combinations of two inputs which yield varying amounts of output |
B. | Combinations of two inputs which cost the same amount to a firm |
C. | Combinations of two inputs which yield the same amount of output |
D. | Combinations of two inputs which cost different amounts of outlay to a firm |
Option: B Explanation : Click on Discuss to view users comments. |
The law of increasing returns is only applicable to agriculture; according to
A. | Classical school |
B. | J. M. Keynes |
C. | Modern school |
D. | Neo-classical school |
Option: A Explanation : Click on Discuss to view users comments. |
Marginal cost curve
A. | Has the shape of the inverted U |
B. | Has the shape of the alphabet U |
C. | Has the shape a rectangular hyperbola |
D. | All of these |
Option: B Explanation : Click on Discuss to view users comments. |