K L used in production does not depend on the input prices (w,r) True False

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter3: Functions
Section3.3: More On Functions; Piecewise-defined Functions
Problem 99E: Determine if the statemment is true or false. If the statement is false, then correct it and make it...
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If a firm has a constant returns to scale production function F(K,L), then the ratio of
inputs
K
L
used in production does not depend on the input prices (w,r)
True
False
Transcribed Image Text:If a firm has a constant returns to scale production function F(K,L), then the ratio of inputs K L used in production does not depend on the input prices (w,r) True False
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