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      Question

      Read the given statements carefully and select the most

      appropriate option. (i) Production function depicts the technical relation between inputs and output once the technology is given. (ii) Increasing Returns to Scale: Under this law of production, output increases proportionately less than inputs.
      A Statement (1) is true & statement (ii) is false. Correct Answer Incorrect Answer
      B Both statements (i) & (ii) are true. Correct Answer Incorrect Answer
      C Statement (i) is false & statement (ii) is true. Correct Answer Incorrect Answer
      D Both statements (i) & (ii) are false. Correct Answer Incorrect Answer

      Solution

      The correct answer is A

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