A production function establishes the relationship between:
A) the market price of a good and the sales revenue generated.
B) the quantity of output produced and the firm's profit.
C) the quantity of inputs used and the quantity of output produced.
D) the market price of a good and the quantity of output supplied.
C
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Refer to Game Matrix I. What are the dominant strategies in this game?
a. A's dominant strategy is ?, and B's dominant strategy is ?.
b. A's dominant strategy is ?, but B does not have a dominant strategy.
c. B's dominant strategy is ?, but A does not have a dominant strategy.
d. Neither player has a dominant strategy.
Answer the following statement(s) true (T) or false (F)
1. Unlike a consumer, a competitive profit-maximizing firm faces no constraints. 2. Optimization typically requires use of the equimarginal principle. 3. A world in which most people are irrational would have to function much differently than a world in which most people are rational. 4. An economist uses a consumer's demand curve to express the solutions to a family of optimization problems. 5. Economic models of markets generally treat prices as exogenous variables.
The basic characteristics of a pure capitalist system include the private ownership of the means of production and economic activity being coordinated through a system of markets and prices
a. True b. False Indicate whether the statement is true or false
Which was a decade of high inflation and high unemployment?
A. the 1920s B. the 1950s C. the 1960s D. the 1970s