If There Are Constant Returns to Scale,the Production Function Can

question 152

Multiple Choice

If there are constant returns to scale,the production function can be written as

• A)xY = 2xAF(L,K,H,N).
• B)Y/L = A F(xL,xK,xH,xN).
• C)Y/L = A F( 1,K/L,H/L,N/L).
• D)L = AF(Y,K,H,N).

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Definitions:

Greatest Good

A principle often associated with utilitarianism, emphasizing actions that maximize happiness or benefits for the largest number of people.

Due Process

A legal principle ensuring fair treatment through the normal judicial system, especially as a citizen's entitlement.

Denied

The refusal to grant a request or deny access to resources or rights.

Promotion

The act of elevating an employee to a higher position within the organization, often accompanied by increased responsibilities and pay.