All inputs can be varied in
A. Short run
B. Long run
C. Both periods
D. None of the period
Answer: Option B
Solution (By Examveda Team)
All inputs can be varied in Long run. The long run is defined as a period in which all INPUTS are variable. Because of that all costs are variable too. You're right that in the short run your rent and the cost of the machines you've already bought are fixed costs. But in the long term they aren't.The capital that is consumed by an economy or a firm in the production process is known as
A. Capital loss
B. Production cost
C. Dead-weight loss
D. Depreciation
Who propounded the opportunity cost theory of international trade?
A. Ricardo
B. Marshall
C. Heckscher & Ohlin
D. Haberler
Which among the following statement is INCORRECT?
A. On a linear demand curve, all the five forms of elasticity can be depicted
B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.
C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.
D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.
A. Increase
B. Decrease
C. Remain the same
D. Become zero
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