The empirical specification Q = AL3 + BL3 can be used to estimate
A. a family of U-shaped product curves.
B. short-run cubic cost function.
C. a short-run cubic production function.
D. both a and c
E. none of the above
Answer: C
You might also like to view...
When the government imposes an excise tax on foreign imports:
A. domestic consumers are harmed and domestic firms benefit. B. domestic firms benefit. C. domestic consumers are harmed. D. domestic firms are harmed.
A budget constraint line represents combinations of two goods that provide an individual the same total utility.
Answer the following statement true (T) or false (F)
Whenever productive resources are used to make capital goods
A) society is not producing efficiently. B) society is giving up current consumption. C) the production possibilities curve becomes flatter. D) absolute advantage occurs.
A firm facing a ________ demand curve, ceteris paribus, will have zero quantity demanded if it raises its price above the market price.
A. relatively elastic B. perfectly inelastic C. relatively inelastic D. perfectly elastic