The Returns to Scale Characteristic of a Production System

question 15

Multiple Choice

The returns to scale characteristic of a production system:

• A) is measured by the way in which inputs can be varied in an unbroken marginal fashion rather than incrementally.
• B) illustrates the distinct, or "lumpy," pattern of input combination.
• C) shows the relation between output and the variation in all inputs.
• D) is the relation between output and variation in only one of the inputs employed.

Understand the nature of ionic bonds and their formation between atoms.

Differentiate between electrically neutral atoms and ions.

Identify acids, bases, and their roles in chemical reactions.

Explain the formation and importance of covalent bonds.

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Definitions:

Marginal Revenue

Marginal revenue is the additional income that is gained from selling one more unit of a product or service.

Price Searcher

A firm that determines the price of its products with some degree of market power, usually by differentiating its products from those of competitors.

Marginal Revenue

Incremental income earned by selling an additional unit of a good or service.

Marginal Cost

The rise in expenses associated with the production of an extra unit of a product or service.