Economists Speaking Like Scientists Make

question 44

Multiple Choice

Economists speaking like scientists make

• A)positive statements.
• B)prescriptive statements.
• C)claims about how the world should be.
• D)More than one of the above is correct.

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Definitions:

Production Function

A mathematical schema that links the inputs utilized in creating goods or services to the outputs produced.

Supply Function

A mathematical relationship that expresses the quantity of a good or service supplied in relation to its price.

Long-Run Total Cost Function

An equation representing the total cost of production when all factors of production are variable and optimized for scale.

Long-Run Supply Function

A relationship indicating the quantity of a good or service that producers are willing to make available in the market over a long period, considering all inputs are variable.