The production function shows:
a. the total cost incurred to produce a certain level of output.
b. the changes in cost incurred as output level varies.
c. the relationship between inputs used and output produced.
d. the impact of a change in production on the firm's revenues.
C
You might also like to view...
The formula for the computation of labor productivity is
A) nominal GDP/number of workers. B) real GDP/number of workers. C) nominal GDP/population. D) real GDP/population.
Which of the following had the highest rate of growth during the period 1948-72?
A) West Germany B) Vietnam C) Japan D) The United States of America
The ways to escape a prisoner's dilemma is to
A) make commitments and play the game repeatedly. B) collude. C) find a dominant strategy. D) give up the game.
Answer the following statement(s) true (T) or false (F)
1. Multimillionaires do not experience scarcity because they can afford all the goods and services they desire. 2. Economists consider the concept of need difficult to define because it is hard to compare “needs” among people. 3. “Average cost” is another name for “marginal cost.” 4. Economists assume that people make the best choice they can because they do not want to make themselves worse off.