The Two Main Characteristics of the Production Function Are

question 81

Multiple Choice

The two main characteristics of the production function are

• A)it slopes downward from left to right, and the slope becomes flatter as the input increases.
• B)it slopes upward from left to right, and the slope becomes steeper as the input increases.
• C)it slopes upward from left to right, and the slope becomes flatter as the input increases.
• D)it slopes downward from left to right, and the slope becomes steeper as the input increases.

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Definitions:

Economic System

The structured and organized way a society decides to produce, distribute, and consume goods and services.

Government Planning

The process by which governments set objectives, develop strategies, and outline activities to achieve public policy goals.

Interlocking Directorates

Are formed when an individual sits on the board of directors of two or more noncompeting companies.

Board of Directors

A group of individuals elected to represent shareholders and make decisions on major company issues, including corporate policies and strategic goals.