Which of the following properties may not necessarily hold for Cobb-Douglas production functions? I. Diminishing MRTSL.k. II. Diminishing marginal product of labor or diminishing marginal product of capital. III. Both L and K are needed to produce a positive amount of output. I, II, and III III only

Which of the following properties may not necessarily hold for Cobb-Douglas production functions? I. Diminishing MRTSL.k. II. Diminishing marginal product of labor or diminishing marginal product of capital. III. Both L and K are needed to produce a positive amount of output. I, II, and III III only

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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