Multiple Choice
Which of the following statements is NOT true about the production function?
A) It gives the maximum output that can be obtained for a given level of inputs.
B) A new production function does not have to be developed when there is technical progress since technology is included in the function.
C) The production function depends upon the level of technology available to the firm.
D) It specifies the cost of inputs necessary to produce a certain level of outputs.
Correct Answer:
Verified
Correct Answer:
Verified
Q162: Minimum efficient scale is defined as<br>A) the
Q163: When a firm is at its minimum
Q164: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -In the above
Q165: The planning curve is the<br>A) long-run average
Q166: Which of the following is TRUE?<br>A) The
Q168: Marginal physical product of the first worker
Q169: Which of the following physical relationships might
Q170: The marginal product of labor is calculated
Q171: Every point on the long-run average cost
Q172: If the price of labor is constant