A Production Function May Exhibit

question 36

Multiple Choice

A production function may exhibit

• A)constant returns to scale and diminishing marginal productivities to all inputs.
• B)constant returns to scale and diminishing marginal productivities to all but one input,but at least one input must have a constant marginal productivity.
• C)constant returns to scale and diminishing marginal productivity to at most one input.
• D)constant returns to scale and diminishing marginal productivities for no inputs.

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Definitions:

Advantages and Disadvantages

A consideration of the positive and negative aspects of a particular decision, action, or strategy.

Respondeat Superior

A legal doctrine holding an employer or principal legally responsible for the wrongful acts of an employee or agent, under certain conditions.

Vicarious Liability

A legal principle that holds one party responsible for the actions of another under certain conditions, typically within employment contexts.

Doctrine

A principle, theory, or policy adopted and adhered to by an individual, group, or institution, often in a legal or philosophical context.