Production Functions And Returns To Scale - Economics Jamb Past Questions and Answers

Question 21 :

• JAMB 2012

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

A. Diminishing returns
B. Constant returns to scale
C. Increasing returns to scale
D. Decreasing returns to scale

Question 22 :

• JAMB 2021

The price mechanism ____________

A. Rations the consumers
B. Rewards the producers
C. Regulates supply and demand
D. Allocates scarce resources.