Question

III. Match the following:
11. A B
1. Market Economy (a) Constant Returns
2. Service of a teacher (b) Downward Sloping 3. Demand curve (c) Skill
4. CRS (d) Private Ownership
pls guys correct​

Answer 1

Answer:

1-d

2-c

3-b

4-a

Explanation:

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Answer 2

Answer:

1. Market Economy - (d) Private Ownership
2. Service of a teacher - (c) Skill
3. Demand curve - (b) Downward Sloping
4. CRS - (a) Constant Returns

Explanation:

(a) Market Economy: In a market economy, interactions between buyers and sellers in a market govern the production and distribution of products and services. In a market economy, businesses and households act in their own self-interest, and supply and demand control pricing.

(b) Service of a teacher: The knowledge and abilities a teacher offers to their students are referred to as their service. Human capital, or the information, abilities, and experience that people have and can use to create value for the economy, includes the services provided by teachers.

(c) Demand curve: The link between a good's price and the amount of that good that customers are willing and able to purchase is represented by the demand curve. Generally speaking, demand declines when price of a good rises and vice versa.

(d) Constant Returns to Scale (CRS): CRS is a feature of production technology that ensures that an increase in inputs results in an increase in output that is proportional. In other words, a company's output will double if its inputs are doubled. Understanding the long-term behaviour of businesses and industries depends on this feature.

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