Which of the following statements about production is FALSE?
A) Production functions exist for virtually every good and service.
B) There is usually only one method available to a business for producing its product.
C) A production function shows the output that can be attained when a particular group of inputs is combined in a certain way.
D) The relative cost and availability of different types of inputs is an important consideration when choosing a production method.
Correct Answer:
Verified
Q145: Q146: Q147: Which average cost would never decrease and Q148: Because of the presence of fixed costs Q149: Firms producing similar products are in: Q151: A profit-maximizing firm would choose the production Q152: If a manager chooses not to use Q153: Which of the following statements about technology Q154: Creative destruction refers to the: Q155: Over the short run, total cost:
A) the
A) loss of
A) is
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