The advantage which accrues to a firm as a result of an increase in the scale of operation is called
External economies to scale
Internal economies to scale
Internal diseconomies
Constant return to scale
The functional relationship between the quantities of inputs and output is called
Production Function
Fixed Proportion
Variable Proportion
Accumulation
_________ is limited by the extent of market.
Labour
Capital
Division of Labour
Profit
A successful entrepreneur is one who is ready to accept
Innovation
Risks
The location of the production unit
Low wages
Short run production function means
At least one factor is in fixed supply
Two factors are in fixed supply
All factors are in fixed supply
One factor in variable supply
Economics is the study of
Production Technology
Consumption Decisions
How society decides what, how and for whom to produce
The best way to run society
Production refers to
Destruction of Wealth
Creation of Utilities
Exchange Value
Equilibrium
