Multiple Choice
A business firm will choose which outputs to produce based on:
A) relative prices
B) absolute prices
C) utility maximization
D) not enough information to answer
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Sugar (=X<sub>1</sub>, in oz) and flour (=X<sub>2</sub>,
Q7: Coke and Pepsi will purchase sucrose or
Q8: Nuts and bolts are:<br>A) complements in production<br>B)
Q9: If the price of the input on
Q10: Most inputs in production processes can be:<br>A)
Q12: The isocost line:<br>A) is another name for
Q13: Perfect complements are:<br>A) used together in production<br>B)
Q14: Perfect substitutes:<br>A) do not exist in the
Q15: An isoquant is:<br>A) all combinations of two
Q16: MRTS is equal to:<br>A) ΔX<sub>2</sub>/ΔX<sub>1</sub><br>B) Δ1</sub>/ΔX<sub>2</sub><br>C) ΔY/ΔX<br>D)