In a particular production process, if the quantities of all inputs used are increased by 60%, then the quantity of output increases by 60% as well. This means that
a. the production process cannot be enhanced by technological advances.
b. no mathematical representation of the relevant production function can be formulated.
c. the relevant production function has the limits-to-growth property.
d. the relevant production function has constant-returns-to-scale.
d
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Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 8 million pounds B) 10 million pounds C) 16 million pounds D) 18 million pounds
The marginal utility of the last unit of apples consumed is 12 and the marginal utility of the last unit of bananas consumed is 8. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium?
A. $4 and $6 B. $6 and $4 C. $8 and $12 D. $16 and $9