The Main Properties of a Neoclassical Aggregate Production Function Are

question 98

Multiple Choice

The main properties of a Neoclassical aggregate production function are ________ when all factors are increased proportionally and ________ when any one factor is increased on its own.

• A)increasing returns to scale; diminishing marginal returns
• B)constant returns to scale; diminishing marginal returns
• C)constant returns to scale; constant marginal returns
• D)decreasing returns to scale; diminishing marginal returns
• E)increasing returns to scale; increasing marginal returns

Understand the core knowledge perspective and its assertions about innate cognitive abilities.

Recognize the importance of attention and categorization in infant cognitive development.

Describe experimental methods and tasks used to study infant cognition and memory.

Comprehend the factors influencing memory recall and categorization in infancy.

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Definitions:

Average Revenue

The revenue generated per unit of output sold, calculated by dividing total revenue by the number of units sold.

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service.

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a good or service.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.