Suppose a Production Function Has Only One Input, Labor

question 28

Multiple Choice

Suppose a production function has only one input, labor. What can you tell about the slope of the production function, assuming output is on the y-axis and labor is on the x-axis, if production exhibits constant marginal returns to labor?

• A)The slope of the production function is positive and increasing exponentially.
• B)The slope of the production function is a positive constant.
• C)The slope of the production function is negative.
• D)The slope cannot be determined.

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Definitions:

Fixtures

refer to objects that were originally personal property but became attached to and part of real property in a way that they cannot be removed without damage.

Lease Term

The duration for which a lease agreement is effective, specifying the start and end date, as well as conditions for renewal or termination.

Trade Fixtures

Personal property that a tenant attaches to leased land or buildings for business purposes, which may be removed at the end of the lease.

Dentist Chairs

Equipment specifically designed for use in dental offices to provide support and comfortable positioning for patients during dental procedures.