题目内容

A production function assumes a given

A. technology.
B. set of input prices.
C. ratio of input prices.
D. amount of capital and labor.
E. amount of output.

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Use the following two statements to answer this question: I. Production functions describe what is technically feasible when the firm operates efficiently. II. The production function shows the least cost method of producing a given level of output.

A. Both I and II are true.
B. I is true, and II is false.
C. I is false, and II is true.
D. Both I and II are false.

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Which of the following inputs are variable in the long run?

A. labor.
B. capital and equipment.
C. plant size.
D. all of these.

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The short run is

A. less than a year.
B. three years.
C. however long it takes to produce the planned output.
D. a time period in which at least one input is fixed.
E. a time period in which at least one set of outputs has been decided upon.

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Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as

A. Q ∙ L.
B. Q / L.
C. ΔL / ΔQ.
D. ΔQ / ΔL.

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A production function assumes a given

A. technology. B. set of input prices. C. ratio of input prices. D. amount of capital and labor. E. amount of output.

Use the following two statements to answer this question: I. Production functions describe what is technically feasible when the firm operates efficiently. II. The production function shows the least cost method of producing a given level of output.

Which of the following inputs are variable in the long run?

The short run is

Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as

A. technology.
B. set of input prices.
C. ratio of input prices.
D. amount of capital and labor.
E. amount of output.