Which of the following best describes a production function?
a. The relationship between consumer preferences and market demand.
b. The relationship between the quantity of labor employed and total cost.
c. The relationship between the maximum amounts of output a firm can produce and various quantities of inputs.
d. The relationship between price and quantity supplied by sellers in a market.
c
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Your authors argue that, since the 1960s in the U.S
A) poverty has substantially decreased. B) inequality has substantially increased. C) poverty has substantially increased. D) inequality has substantially decreased.
On a two-dimensional graph, ________ allows for the effects of additional variables
A) adding an additional curve B) eliminating a curve C) moving along a curve D) shifting curves
The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat is
A) 2 ? (1000/2099 ). B) 2. C) 1/2 ? (1000/2099 ). D) cannot be calculated from the information provided.
If the dollar value of paper produced and the total wages paid to labor both rise, value added in the paper industry could be unaltered
Indicate whether the statement is true or false