A production function measures the relation between
A. input prices and output prices.
B. input prices and the quantity of output.
C. the quantity of inputs and input prices.
D. the quantity of inputs and the quantity of output.
E. none of the above
Answer: D
You might also like to view...
Marginal revenue product is essentially the additional revenue generating from selling one additional unit of output.
Answer the following statement true (T) or false (F)
Under a situation of asset market equilibrium,
A) the quantity of money supplied equals the quantity of money demanded. B) the quantity of money supplied equals the quantity of nonmonetary assets demanded. C) the quantity of nonmonetary assets supplied equals the quantity of monetary assets demanded. D) the quantity of money supplied equals the quantity of nonmonetary assets supplied.
Making a decision "on the margin" involves comparing:
A. total benefits against total costs, which include benefits and costs from past decisions. B. the most benefit you could expect to get without considering costs. C. sunk costs against opportunity costs. D. additional benefits against additional costs.
When an economy is producing inside its production possibility frontier,
A. it is efficient so long as it is producing what people want. B. it must overcompensate by producing outside the curve to achieve efficiency. C. production inefficiency occurs. D. only technological advances will allow it to increase production.