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A rational producer always aims to opera...

A rational producer always aims to operate in _______ of Law of Variable Proportions:

A

`1^(st)` Phase (Increasing returns to a factor)

B

`2^(nd)` Phase (Diminishing returns to a factor)

C

`3^(rd)` Phase (Negative returns to a factor)

D

Either `1^(st)` Phase or `2^(nd)` Phase

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The correct Answer is:
B
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SANDEEP GARG-PRODUCTION FUNCTION-REVISION EXERCISE
  1. The 2^(nd) phase (diminishing returns to a factor) is exhibited by the...

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  2. Which phase of Law of Viriable Proportions has been ruled out on the g...

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  3. A rational producer always aims to operate in of Law of Variable Prop...

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  4. In general, most of the production functions measures :

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  5. Product per unit of labour employed is termed as :

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  6. When AP is maximum, MP is equal to:

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  7. Variable factors refer to those factors of production :

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  8. Both AP and MP curves are generally :

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  9. In describing a given production technology, the short run is best des...

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  10. is the period of time in which all the factors of production are varia...

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  11. The 'Marginal Product' of a variable input is best described as :

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  12. On the basis of following schodule, answer the following questions : ...

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  13. On the basis of following schodule, answer the following questions : ...

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  14. On the basis of following schodule, answer the following questions : ...

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  15. What is the maximum point of TP ?

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  16. Average Product can have :

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  17. Which of the following is correct ?

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  18. At the Point of Inflexion :

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  19. When AP falls due to increase in quantity of variable input :

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  20. The Law of deals with input-output relationship, when the output is i...

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