If a Production Function Has Constant Returns to Scale,output Can

question 154

Multiple Choice

If a production function has constant returns to scale,output can be doubled if

• A)labor alone doubles.
• B)all inputs but labor double.
• C)all of the inputs double.
• D)None of the above is correct.

Understand the effect of fixed costs and marginal costs on the production decisions of a monopolist.

Understand the concept of Pareto improvement and social efficiency in monopoly markets.

Predict the outcomes in markets with unique products or demands, like zwiffle or slops.

Understand the concept of monopoly and profit-maximizing output and price in different scenarios.

---

Definitions:

Mediators

Neutral third parties who assist disputing parties in reaching a voluntary, negotiated resolution.

Problem-Solving Negotiation

Negotiation in which the parties seek to achieve joint gain.

Summary Jury Trial

An abbreviated trial that leads to a nonbinding jury verdict.

ADR Methods

Alternative Dispute Resolution methods, including mediation and arbitration, used to resolve conflicts outside of the traditional courtroom setting.