The production function illustrates the amount of total product that can be produced with a given set of
A. marginal product.
B. outputs.
C. inputs.
D. marginal input.
Answer: C
You might also like to view...
An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
If a firm’s fixed cost (overhead) increases, what happens to its profit-maximizing price and output?
What will be an ideal response?
When financial institutions borrow from the Federal Reserve, this is called
A. open market operations. B. borrowing on margin. C. using the discount window. D. fiscal policy.
If the price of the Brazilian real is 60 cents and a U.S. resident purchases a Brazilian-manufactured item for 60,000 real, there will be
A) a quantity demanded of 60,000 real and a quantity supplied of $60,000. B) a quantity demanded of 60,000 real and a quantity supplied of $36,000. C) a quantity demanded of 60,000 real, but we cannot determine the effect in the market for dollars. D) a quantity supplied of 60,000 real and a quantity demanded of 60,000 yen.