Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
All of the above
Land include:
Heat
Air
Light
Short run production function means
At least one factor is in fixed supply
Two factor are in fixed supply
All factors are in fixed supply
One factor is in variable supply
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
The functional relationship between inputs and output is known as
Production
Capital
Production function
Distribution
Labour cannot be separated from
Labourer
Profit
Organization
Factors of production can be
Land
Labour
A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
All the above
Efficiency of labour depends upon
Skill
Physical strength
Training
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
