Relationship between the quantity of inputs used in production and the quantity produced from those inputs is called.
A. Productivity Equation
B. Production function
C. an input - output function.
D. A GDP deflator
E. None
B. Production function
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The following equations represent the demand and supply for bird feeders
QD = 35 - P QS = -5 + 3P What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders? A) P = $5; Q = 30 thousand B) P = $35; Q = 20 thousand C) P = $20; Q = 20 thousand D) P = $10; Q = 25 thousand
The goal of "personalized pricing" is to determine how much each individual customer is willing to pay for a product. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false
The aggregate supply curve will be vertical when
a. output can be increased without an increase in the price level b. the economy is operating at full-employment capacity c. output and price level rise together d. the aggregate demand curve shifts to the left e. aggregate demand is absent
A decrease in the average price level leads to a decrease in the purchasing power of wealth
a. True b. False Indicate whether the statement is true or false