By definition, in the typical firm's short-run production function all inputs are fixed in amount
Indicate whether the statement is true or false
FALSE
You might also like to view...
The more elastic the supply of a resource,
a. the greater is economic rent as a proportion of total earnings b. the greater is opportunity cost as a proportion of total earnings c. the fewer alternative uses the resource has d. the greater the derived demand for the resource e. the lower the derived demand for the resource
In September 2007 the British bank Northern Rock which specialized in home mortgages experienced a noteworthy bank run
a. True b. False Indicate whether the statement is true or false
If the cost efficiency of input A is 45 pounds per $1 of cost, and the cost efficiency of input B is 40 pounds per $1 of cost, then input A is more cost-efficient than input B.
Answer the following statement true (T) or false (F)
The price mechanism
A. works best when many competing business firms are in each industry. B. works best when government through a central planning agency sets prices. C. works best when corporations set prices for a market economy. D. All of the choices are true about price mechanism.