Which of the following statements is FALSE?
A. Included in the firm's short-run production function are both fixed and variable inputs.
B. An efficient firm can obtain more output than the production function shows.
C. The production function shows the technical relationship between a firm's inputs and outputs.
D. The production function presents the technically efficient methods of combining inputs to produce output.
Answer: B. An efficient firm can obtain more output than the production function shows.
You might also like to view...
A decrease in the personal income tax rate ________ disposable income which ________ consumption
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Refer to the figure above. What is the price effect of a price increase from $3 to $5?
A) $200 B) $400 C) $800 D) $1,000
Which statement is true?
A. Until 1971, the U.S. ran a trade deficit virtually every year of the 20th century. B. The U.S. ran trade surpluses for most of the 19th century. C. In the 1920s, the U.S. flooded the rest of the world with consumer goods such as Model T Fords, radios and waffle irons as our trade surpluses increased. D. Until after WWII most of U.S. exports were agricultural products, such as cotton and grain sent to Europe.
The WTO encourages nations to take unilateral action on trade issues, including issues involving environmental protection
Indicate whether the statement is true or false