In the short run, the supply of a variable input is:
elastic
unitary elastic
inelastic
highly inelastic
In the short run, the supply of a fixed input is:
elastic
highly elastic
inelastic
unitary elastic
The correct demand equation is:
Q=a-bp
Qd=a-bp
Q=a+bp
Qd=a-2bp
Select the correct statement
In the short run production of a commodity can be increased to a limited quantity by increasing the use of only variable inputs
In the long run the supply of all the inputs is inelastic, but not enough to permit a change in technology.
Short run is less than 2 years, while long run is more than 2 years
All of the above are incorrect
The intersection between any two isoquants implies that:
Demand and supply are equal here
A given quantity of a commodity can be produced with a smaller as well as a larger input-combination
Marginal cost is increasing at a fast rate while total cost increases at a lower rate
Economies and diseconomies of scale are equal
0
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