A firm uses only two inputs to produce its output. These inputs are perfect substitutes. This firm (Hint: if two inputs are perfect substitutes, then the TRS is always constant). must have constant returns to scale. could have increasing returns to scale, constant returns to scale, or decreasing returns to scale. must have decreasing returns to scale. must have increasing returns to scale. must have decreasing returns to scale in the short run and constant returns to scale in the long run.

A firm uses only two inputs to produce its output. These inputs are perfect substitutes. This firm (Hint: if two inputs are perfect substitutes, then the TRS is always constant). must have constant returns to scale. could have increasing returns to scale, constant returns to scale, or decreasing returns to scale. must have decreasing returns to scale. must have increasing returns to scale. must have decreasing returns to scale in the short run and constant returns to scale in the long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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