A production function defines the output that can be produced
A. at the lowest cost, given the inputs available.
B. for the average firm.
C. if the firm is technically efficient.
D. in a given time period if no additional inputs are hired.
E. as technology changes over time.
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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.
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.
Which of the following inputs are variable in the long run?
A. labor.
B. capital and equipment.
C. plant size.
D. all of these.
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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