A production function:
a. shows the relationship between a firm's costs and revenues
b. shows the relationship between production and profits.
c. shows the relationship between inputs and the maximum output that can be produced from those inputs.
d. shows the relationship between variable inputs and fixed inputs.
c
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American Idol is a popular television program where contestants compete to win a $1 million record deal. To determine the winner, fans either dial the number or send a text message indicating their favorite contestant
The contestant with the highest number of texts and phone calls wins. What is the scarce resource in this example? A) $1 million record deal B) television ratings C) phone calls and text messages D) fans
Education vouchers have the advantage that they retain ______ but still allow _____
a. government financing; parents to choose b. government production; considerable government control c. government production; parents to choose d. government financing; considerable government control
The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, how many Nash equilibria are there?
A) 0 B) 1 C) 2 D) It cannot be determined.
Suppose that Jamal is moving to a state where personal incomes are distributed randomly. If Jamal believes in liberalism, he would prefer
a. an income distribution that is relatively equal. b. that everyone has the same work opportunities and market-determined wage rates. c. that private property be transformed to government property to safeguard people's incomes. d. less economic assistance to the poor because it distorts the price system.