________ means transformation of physical inputs into output.

Related MCQs

• In a firm doubles all inputs, and output doubles as well, the firm is subject to
• Let a firm employs 10 labourers to produce 150 units of output. If 11 labourers are employed to produce 166 units of output, then the marginal product is
• As output increases, AFC of a firm
• The additional cost incurred to produce an additional unit of output is _______
• The average _________ and output have inverse functional relationship.
• Oligopoly means _________
• Which factor of production is considered as a produced means of production?
• ______ means the desire backed by the necessary purchasing power.
• _______ means absence of competition.
• The subject matter of economics is distributed into __________ parts.