1. Total costs in the short-term are classified into fixed costs and varibale costs. Which one of the following is a variable cost?

2. A significant property of the Cobb - Douglas production function is that the elasticity of substitution between inputs is?

3. An ISO-product curve slopes?

4. Which cost increases continuously with the increase in production?

5. In the short term, when the output of a firm increases, its average fixed cost?

6. Production is a function of?

7. A vertical supply curve parallel to the price axis implies that the elasticity of supply is?

8. The production techniques are technically efficient?

9. Which of the following cost curves is never Un-shaped?

10. The supply of a commodity refers to?