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Consider the following statements-
If all the factors of production are paid according to their respective marginal products, the total product would be
1. exhausted under constant returns to scale.
2. more than exhausted under increasing returns to scale
3. less than exhausted under decreasing return to scale
Which of these statements is/are correct?

Consider the following statements-
If all the factors of production are paid according to their respective marginal products, the total product would be
1. exhausted under constant returns to scale.
2. more than exhausted under increasing returns to scale
3. less than exhausted under decreasing return to scale
Which of these statements is/are correct? Correct Answer 1 only

Related Questions

Consider the following statements-
1. The increasing returns to scale imply that the marginal product of a variable factor will always increase.
2. The constant returns to scale imply that the marginal product of a variable factor will always diminish
3. Managerial diseconomies constitute an important cause of decreasing returns to scale
Which of these statements is/are correct?
Profits can be increased by
1. decreasing the selling price per unit.
2. increasing the selling price per unit.
3. decreasing the volume of sales.
4. increasing the volume of sales.
5. decreasing the fixed or variable expenses.
6. increasing the fixed or variable expenses.
7. giving more weightage for products having higher P/V ratio.
8. giving less weightage for products having higher P/V ratio.
Select the correct answer
Consider the following statements :
In the first zone of production function
1. The APP is increasing and then decreasing
2. The MPP is increasing and then decreasing
3. TPP is increasing
4. APP is decreasing
Which of the above statements are correct
The given bar graph represents data of the production of paper (in ten lakh tonnes) by three different companies X, Y and Z during the years 2008 to 2012. The x-axis shows the 'years' and the y-axis represents the 'production of paper (ten lakh tonnes)'. (Note: The data shown is only for mathematical exercise. They do not represent actual figures.)  The total production of Company Y during 2008 and 2009 and Company X for 2011 and 2012 taken together is p% (p is correct to the nearest integer) more than the total production of Company Z during 2010, 2011 and 2012. The total production of Company Z during 2008 and 2009 taken together is q% (q is correct to the nearest integer) less than the total production of Company X during 2008, 2009 and 2012 and Company Y during 2010 and 2011 all together.  What is the positive difference between p and q ? 
From the given table, what is the percentage of students scoring 40 or more, but less than 70. Scores Less than 20 Less than 30 Less than 40 Less than 50 Less than 60 Less than 70 Less than 80 No. of Students 12 19 22 31 38 46 50
Given below are three quantities named A, B and C. Based on the given information, determine the relation among the three quantities. A shopkeeper bought two products X and Y from a company. He bought product X for Rs. 3060 and sold it to the customer earning a profit of 20%, while he sold the product Y to a customer for Rs. 4160, thereby earning a profit of 30%. Quantity A: If the company earned a profit of 20% on the product X, what is the manufacturing cost of product X? Quantity B: If the company earned a profit of Rs. 600 on the product Y, what is the manufacturing cost of product Y? Quantity C: What is the difference between the total price paid by the customers and the total manufacturing cost of the products X and Y?
There are five crude oil refining companies in India namely, A, B, C, D, and E. Statements: I. The production of Company B is more than that of Company A but not more than that of Company E. II The production of Company C is more than the production of Company B but NOT as much as that of Company D. III. The production of E is NOT as much as the production of Company D. Which of these statements is/are sufficient to answer the question that the production of which of the following companies is the highest?
When labour is plotted on X-axis and capital is plotted on Y-axis and an iso-quant is prepared, then which of the following statements is/are false ? (a) Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. (b) Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour. (c) Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
Which of the following statements are true?
1. Marginal costing is not an independent system of costing.
2. In marginal costing, all fundamentals of cost are divided into fixed and variable components.
3. In marginal costing, fixed costs are treated as product cost.
4. Marginal costing is not a technique of cost analysis.
When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.