A production function specifies the relation between ____________ and the ___________ to ____________________
A) technology; output; Real GDP
B) technology; the factor inputs; Real GDP
C) price; quantity; Real GDP
D) Real GDP; the factor inputs; the price level
B
You might also like to view...
S & S Backhoe Service in Ozark, Arkansas rents backhoes and other heavy equipment to local construction companies. What determines the demand for backhoes in Arkansas?
A) The rental rate for backhoes B) The equilibrium quantity of backhoes C) The value of marginal product of backhoes D) The maximum number of backhoes available to rent
Refer to Figure 13-17. In the long run, why will the firm produce Qf units and not Qg units, which has a lower its average cost of production?
A) At Qg, marginal revenue is less than average revenue which will result in a loss for the firm. B) Although its average cost of production is lower when the firm produces Qg units, to be able to sell its output the firm will have to charge a price below average cost, resulting in a loss. C) At Qg, average cost exceeds marginal cost so the firm will actually make a loss. D) The firm's goal is to charge a high price and make a small profit rather than a low price and no profit.
What is meant by real Gross Domestic Product? How do you think that you calculate a real statistic?
What will be an ideal response?
If Apple's iTunes Music Store increases its "fee" for its music downloads, the law of demand predicts that
A) the number of iTunes music downloads would increase. B) there would be no change in the demand for iTunes music downloads. C) the number of iTunes music downloads would decrease. D) iTunes music supply would change but demand would not.