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.
D) The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources.
Correct Answer:
Verified
Q3: The short-run production function shows how output
Q6: Q7: Technical efficiency is achieved when a firm Q8: Which of the following is a factor Q8: The most desired goods and services that Q10: Which of the following are factors of Q12: If a firm could hire all the Q13: Greater labor productivity means Q15: When a firm produces at a technically Q20: Which of the following is the slope
A)Lower output per labor-hour.
B)Higher
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