Which of the following statements is not true regarding the production function and the production possibilities curve?
A) Both the production function and the production possibilities curve maximize the amount of output attainable.
B) The production function describes the capacity of a single firm,whereas the production function summarizes the output capacity of the entire economy.
C) A production function tells us the maximum amount of output attainable from the use of all resources.
Correct Answer:
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Q4: In the short run,the law of diminishing
Q5: Which of the following is a factor
Q6: A production function shows the
A)Minimum amount of
Q7: Labor productivity will increase in response to
A)Lower
Q8: The short-run production function shows how output
Q10: Technical efficiency is achieved when a firm
Q11: Ceteris paribus,the law of diminishing returns states
Q12: A production function shows
A)How a firm's production
Q13: Diminishing returns occur because
A)Of inefficiency in the
Q14: Which of the following is the slope
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