Let a Firm's Production Function Be $Q = 100 ( a L + b K )$

question 102

Multiple Choice

Let a firm's production function be $Q = 100 ( a L + b K )$ . The production function then becomes $Q = 500 ( a L + b K )$ . Which of the following statements is true?

• A)Neutral technological progress has occurred.
• B)Labor-saving technological progress has occurred.
• C)Capital-saving technological progress has occurred.
• D)Economies of scale have increased.

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The rivalry between businesses or individuals over customers, market share, and resources.

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A strategic management tool used to develop new or document existing business models, visually outlining a company's value proposition, infrastructure, customers, and finances.

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