The production function shows
A) the total cost of producing a given quantity of output.
B) the maximum output that can be produced from a set of inputs.
C) the technology used to produce output.
D) the incremental output gained by improving the production process.
Answer: B
You might also like to view...
A decrease in the money supply shifts the aggregate __________ curve to the __________
A) demand; left B) demand; right C) supply; left D) supply; right
Refer to the above figure. Profits will be negative
A) when the price equals $2. B) when the price is above $2. C) when the price is below $2. D) only when the price equals $1.
When a night watchman only performs two walk-throughs per night when he is being paid to perform five walk-throughs per night, it is an example of
a. both moral hazard and adverse selection. b. neither moral hazard nor adverse selection. c. moral hazard, but not adverse selection. d. adverse selection, but not moral hazard.
The $4,500 you earned last year in dividend payments is an example of ________ income.
A. transfer B. human capital C. inheritance D. property