Match the items of the List – I with that of the List – II and suggest the correct code from the…
Cost function relates production costs to factor prices (d), supply function can be derived using the engineering method (c), production function is represented graphically…
Choose your answer
Match the items of the List – I with that of the List – II and suggest the correct code from the following :
List – I
List – II i. Cost function a. Kinked demand ii. Supply function b. Isoquants iii. Production function c. Engineering method iv. Oligopoly d. Factor prices
Answer and explanation
Correct answer D
Cost function relates production costs to factor prices (d), supply function can be derived using the engineering method (c), production function is represented graphically by isoquants (b), and oligopoly market structure is characterized by Paul Sweezy's kinked demand curve (a). Thus, (a)-d, (b)-c, (c)-b, (d)-a is the correct code.
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UGC NET Management