The Relationship Between Factors of Production Used in the Production

question 9

Multiple Choice

The relationship between factors of production used in the production process and the resulting output is called a(n)

• A)consumption possibilities boundary.
• B)economic function.
• C)production boundary.
• D)cost function.
• E)production function.

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Definitions:

Clayton Act

A U.S. antitrust law enacted in 1914, aiming to prevent anticompetitive practices in their incipiency, including monopolies and anti-competitive mergers.

Competition

The rivalry among businesses to attract customers, increase sales, and achieve a higher market share.

Federal Trade Commission Act

A United States federal law established in 1914 to promote consumer protection and eliminate and prevent anticompetitive business practices.

Sherman Antitrust Act

An American legislation passed in 1890 to combat anticompetitive practices, reduce market monopolies, and preserve economic competition.