A Production with the Form Q = 40 L

question 35

Multiple Choice

A production with the form Q = 40 L^.75 K^.20 will have __________ in the long run.

• A) increasing returns to scale
• B) decreasing returns to scale
• C) constant returns to scale
• D) diminishing returns to the variable input

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Definitions:

Shared Environment

The aspects of an individual's environment that are experienced jointly with others, influencing their development and behavior.

Impulse Control

The ability to postpone or deny the immediate response to an idea or behavior.

Materialism

A theory or attitude that physical well-being and worldly possessions constitute the greatest good and highest value in life.

Family Function

Refers to the various roles that family members play, their relationships to each other, and how they work together to fulfill emotional, economic, and social needs.