Author Question: A fixed-proportion production function has isoquants that are a. almost flat (i.e., the isoquants ... (Read 46 times)

mcmcdaniel · **on:** Jul 1, 2018

A fixed-proportion production function has isoquants that are
a. almost flat (i.e., the isoquants are almost straight lines).
b. L-shaped.
c. normally shaped (rectangular hyperbolas).
d. None of the above.

Question 2

If, as a result of doubling all its inputs, a firm can more than double its output, the firm's production function exhibits
a. constant returns to scale.
b. increasing returns to scale.
c. decreasing returns to scale.
d. increasing marginal productivity to at least one input.