In the production function Y = A(G,P,T) F(K,R,H,N), the exogenous factors are
A) G,R,H.
B) G,P,T.
C) P,T,K.
D) P,R,G.
C
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Suppose there are four firms in a market and each of them sell differentiated products. Does it make sense for these firms to engage in a price war? Why or why not?
What will be an ideal response?
Recent research suggested that there are large health benefits from consuming cooked tomatoes. Holding other things constant, this will cause
a. The demand curve for tomatoes to shift to the right b. The demand curve for tomatoes to shift to the left c. The supply curve for tomatoes to shift to the right d. The supply curve for tomatoes to shift to the left
The government can help solve the information asymmetry problem by:
A. making markets illegal where information asymmetry is significant. B. requiring the more informed party to reveal the missing information. C. excluding those who do not have complete information from the market. D. telling less-informed parties not to participate in the market.
If the absolute price elasticity of demand for a product is equal to 1, then
A. the absolute price elasticity of demand is unit-elastic and the percentage change in quantity demanded equals the percentage change in price. B. the absolute price elasticity of demand is inelastic and consumers are relatively sensitive to price changes. C. the absolute price elasticity of demand is elastic and consumers are relatively insensitive to price changes. D. the absolute price elasticity of demand is inelastic and consumers are relatively insensitive to price changes.