For a Constant-Returns-To-Scale Production Function

question 8

Multiple Choice

For a constant-returns-to-scale production function,

• A)marginal costs are constant but the average cost curve has a U-shape.
• B)both average and marginal costs are constant.
• C)marginal cost has a U-shape; average costs are constant.
• D)both average and marginal cost curves are U-shaped.

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Definitions:

Nomothetic Goals

Goals that are concerned with establishing general laws and traits that apply broadly across people, in contrast to idiographic goals which are highly individualized.

Operant Conditioning

A learning process in which the strength of a behavior is modified by reinforcement or punishment.

B.F. Skinner

An American psychologist and behaviorist known for his theory of operant conditioning and studies on reinforcement.

S-R Association

A concept in behaviorism that refers to the association formed between a stimulus and the response it generates without requiring conscious thought.