The production function
A) shows the maximum level of output for a given set of inputs.
B) is an economic relationship between revenue and cost.
C) shows the relationship between input prices and amount of input used.
D) always shows increasing marginal product of labor.
Answer: A
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Economies where production and distribution decisions are made by the government are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.
A market requires
A) sellers only. B) buyers and sellers. C) government intervention. D) buyers only.
If the U.S. imposed import quotas on cotton, then which of the following would rise?
a. the U.S. real exchange rate and U.S. net exports b. the U.S. real exchange rate but not U.S. net exports c. U.S. net exports but not the U.S. real exchange rate d. neither the U.S. real exchange rate nor U.S. net exports
In many cases, life insurance companies will require applicants to take a physical. This is done to avoid the problem of:
A. free riding. B. transaction costs. C. moral hazard. D. adverse selection.