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Which of the following is correct? Multiple Choice In Economics we are concerned about the parabolas...

Which of the following is correct? Multiple Choice

In Economics we are concerned about the parabolas opening horizontally.

In Economics we are concerned about the parabolas opening vertically.

In Economics we are concerned about the parabolas opening along the x axis

. In Economics we are concerned about the parabolas opening diagonally.

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Answer #1

IN ECONOMICS WE ARE CONCERNED ABOUT THE PARABOLAS OPENING ALONG THE X AXIS

EXPLANATION -We are most concerned about the parabolas opening along the X axis because the axis mainly denotes the quantity of the output produced by the firm or the quantity of the input used. The output will help in determining the profits and quantity of inputs helps in determining the cost of output produced.The parabola shape is the result of the increasing or the diminishing returns to scale or the diminishing returns to factor.

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