In the Case of a Short-Run Production Function

question 31

Multiple Choice

In the case of a short-run production function:

• A)all of the inputs are variable.
• B)the amount of labor employed is held constant.
• C)at least one of the inputs is fixed.
• D)all of the inputs are fixed.

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Definitions:

Talcott Parsons

An American sociologist known for his contributions to social action theory, structural functionalism, and for his work on the system theory to understand societal dynamics and functions.

Social Contract

A theory in political philosophy suggesting that people live together in society in accordance with an agreement that establishes moral and political rules of behavior.

Classical Theorist

refers to scholars from earlier periods whose works form the foundations of a discipline, such as Socrates in philosophy or Adam Smith in economics.

Hobbes

Refers to Thomas Hobbes, a 17th-century philosopher known for his social contract theory, which posits that people agree to surrender some freedoms to a ruler or government in exchange for security and social order.